Intellectual Property and Wealth Creation
... Intellectual property (IP) plays an important role in wealth creation. ... On the one hand, intellectual property rights (IPRs) can be used to strike balance between the creation and diffusion of new technologies; on the other hand, IPRs are a good means to protect both innovator’s interests and public interests. ... IP has become an important asset for both firms and nations IP may contribute to the progress of societies and bring wealth to individuals, organizations, as well as the nation as a whole. In the present, IP has become highly important for creation of wealth, because it is widely recognized that wealth in these decades come from IP more than any other sector. ... pdf At the national level As far as IP itself is concerned, the recent performance in wealth creation is striking. In detail, patents powerfully stimulating the creation of new technologies and industries. ... The relationship between IPRs and economic growth Even though numerous evidence shows that IP is a powerful tool for economic growth and wealth creation; it is difficult to accurately measure the impacts of IPRs on the economic grow because the function of IPRs varies by different economic activities, and the importance of IPRs diverges in different economies. ... The reasons of the disparity between nations in IPRs creation The relationship between economic growth and IPRs protection is complicated by the complex interactions between IPRs protection, innovation, trade and FDI. ... In summary, it is not strange that there are polarity and disparity between nations in IPRs creation, and that nations would like to make decisions subject to their own circumstance. ... In the recent years, the role of the Trade-Related Aspects of Intellectual Property Rights (TRIPs) Agreement in the international IP law has become more and more significant since it is the part of a more general movement to standardize both the substance and procedure of IPRs on a worldwide basis.