IP protections encourage equity, innovation, and economic growth
Deel, American Public University Business School associate professor, 23
[Gary, 7/13/23, American Public University, “What Is Intellectual Property Law? And Why Does it Matter?”, https://www.apu.apus.edu/area-of-study/security-and-global-studies/resources/what-is-intellectual-property-law/#:~:text=IP%20Laws,variety%20of%20products%20and%20services, accessed 7/11/24, LR]
The Intersection of Intellectual Property Law and Economic Rights
Diving deeper into the relevance of intellectual property, we must look at its contribution to economic rights. As previously discussed, the exclusive rights granted to inventors and creators are pivotal in ensuring fair economic returns. They further contribute to economic growth by incentivizing further investments in research and development, which invariably lead to innovation.
In fact, two government agencies – the United States Patent and Trademark Office and the World Trade Organization – play pivotal roles in fostering technological progress and promoting foreign commerce. Through their regulatory frameworks, they aim to facilitate technology transfer and create a competitive, fair, and balanced marketplace.