Intellectual property rights strengthen the economy and increase GDP and employment rates

[Emily G. Blevins, 8-3-22, Congressional Research Service Science and Technology Policy Analyst, Congressional Research Service, “Patents and Innovation Policy,” , accessed: 7-9-24, ES]

Though difficult to measure precisely, some have argued that intellectual property (IP) rights have increasingly enabled economic growth by helping to protect these intangible capital assets.6 By some estimates, intangible assets account for as much as 90% of all assets held by companies listed in the S&P 500—a stock market index tracking 500 large, publicly traded, U.S. companies.7 Additionally, a 2021 study released by business consulting firm McKinsey and Company finds a positive correlation across economic sectors between company investments in intangible assets and growth rates.8 According to the United States Patent and Trademark Office (USPTO), in 2019 IP-intensive industries accounted for $7.8 trillion of U.S. GDP9 and 44% of total U.S. employment, amounting to some 63 million jobs.