Analysis of Intellectual Property and the Impact they have on US Economy (Case Study Sample)

Case: Analysis of intellectual property rightsName:Institutional affiliationContents TOC \o "1-3" \h \z \u 1.0 Introduction PAGEREF _Toc467568288 \h 22.0 Forms of intellectual property rights PAGEREF _Toc467568289 \h 32.1 Patent PAGEREF _Toc467568290 \h 32.2Trademark PAGEREF _Toc467568291 \h 42.3Copyright PAGEREF _Toc467568292 \h 53.0Impact of intellectual property rights on the USA economy PAGEREF _Toc467568293 \h 64.0Conclusion and recommendations PAGEREF _Toc467568294 \h 7References PAGEREF _Toc467568295 \h 8
ANALYSIS OF INTELECTUAL PROPERTY AND THE IMPACT THEY HAVE ON US ECONOMY.
1.0 Introduction
An intellectual property refers to the creations of the mind. These include inventions, artistic works, literary as well as images and names used in commerce. The intellectual property is divided into two main classifications. One is industrial property which includes patents for industrial designs, trademarks and finally geographical indications. Second is copyright which refers to all literary works such as poems, plays and novels.
It also includes artistic works for example paintings, drawings, sculptures and finally architectural design. Rights that relate to copyright entail those of artists performing their different performances, producing of phonograms in the producers’ production as well broadcasters in their different television and radio aired programs CITATION Placeholder5 \l 1033 (Reinert, Rajan, Glass, & Davis, 2010).
The intellectual property rights allow owners or creators of copyrighted work, trademarks or patents to realize benefit from their own original investment or creation in form of inventions. These intellectual property rights are stipulated in the Universal Declaration of Human Rights under Article 27. It provides for the right to realize benefit from protection of material and moral interests derived from being author of literary scientific or artistic inventions or productions.
The importance of the protection of intellectual property rights lies behind the fact that the well being of the well being and progress of humankind depends on its ability to invent and create new ideas in the field of culture and technology. The protection of new inventions motivates as well as encouraging commitment in the addition of more resources to fund new inventions and creations. The protection and promotion of intellectual property rights impacts positively on the growth of the economy as it leads to creation of employment opportunities and the enhancement of enjoyment and quality of work CITATION Wil09 \l 1033 (Landers & A.Posner, 2009).
2.0 Forms of intellectual property rights
2.1 Patent
A patent right refers to a type of selected right that is granted for the invention of a new product or let’s say a process which provides a new or unique way of doing a certain thing. It may also be an invention that gives a new and applicable solution to a disturbing problem. The patent gives the patent owner the protection for their unique inventions. That kind of protection is provided for a given duration of time which is mostly twenty years.
Patents are important to the patent owners in that they provide different kinds of incentives to them by way of recognizing their inventiveness and thereby giving an opportunity for material reward as a result of their unique inventions. The incentives offered motivate more inventions that finally results to the enhancement of quality of humankind.
Patent offers protection in that a newly made invention cannot be commercially used, made, sold or distributed without the consent of the patent owner. Mostly patent rights are enforceable in courts of law and the courts have the power to end the infringement of patent. A court also has the ability to announce a patent unacceptable after a winning challenge by another individual.
The patent owner carries the right to choose who can or cannot make use of the patented work. This is applicable during the period which the patent is protected. Patent owners grant permission to license other parties to make use of their invention under the terms agreed by both parties.
2.2Trademark
A trademark refers to distinguishing sign that gives identity to certain services or manufactured by a company or individually by one person. The system of registration trademark helps consumers to recognize and identify the products and services they want to buy based on if that particular product or service has the specific characteristics and specific qualify as shown by the unique trademark associated with it.
The protection of trademark makes sure that the owner of the trademark has the restricted right to make use of them in identifying their services or goods or to give the authority to others so that they can be in a position to use the goods or services and in return offer payment to the owners of the trademark. The period that a trademark is in use varies widely though it has the possibility of being renewed, mostly after the payment of the required fee. The protection of trademarks is enforceable by the courts. The courts have the ability to stop the undermining of a trademark.
Generally trademarks function to promote idea and enterprise globally through the rewarding of the owners by way of recognition and in terms of financial profit. Trademarks prevent the actions of unfair competition for example use of counterfeiters who use same unique sign to market or sell substandard or different kinds of goods and services CITATION Tha11 \l 1033 (Truong & Gasper, 2011).
A trademark could be a combination of different words or a single word or a combination of letters and numbers. A trademark sometimes may have symbol, drawing or a triple dimensional sign for example a shape and the packaging of goods. A trademark is given to any individual or organization that can verify that their goods and services certify some stipulated standards. Example of widely known certification is the internationally established ‘ISO 900’ quality standards as well as the Ecolabels which are used for products that have a reduced impact on the natural environment.
2.3Copyright
Copyright refers to the laws that give artists, creators and authors the protection to protect their artistic and literary inventions or generally works. Those who benefit from the rights of copyright include performers for example musicians and actors, producers of compact discs and in sound recording s as well as the broadcasting organizations in their different television and radio programs CITATION Mar14 \l 1033 (Leaffer, 2014).
Examples of works covered by copyright are: works of reference, poems, plays, novels, computer programs, adverts in the newspapers, databases, musical compositions, films, drawings, paintings, photographs, maps, sculpture, technical drawings and architecture. The rights are not limited to the above though. Creators of copyright together with their successors and heirs have different basic rights that are covered in the copyright law. The holders of copyright have the special right to make use or authorize other individuals to use their works on the basic agreed terms.
The holders of copyright have the ability to authorize or prohibit the following, translation of the work into different languages, adaptation for example in a novel so as to screenplay for a film, the public performance and communication in the general public, its broadcasting and finally the reproduction of work in any form be in the form of printing or sound recording. Many of the works protected under copyright law are in such a way that they call for mass communication, distribution as well as massive financial investment so as for them to successfully reach their targeted clients. For example in publications, films and sound recordings.
For this reason the owners of copyrights pass these rights onto big companies that are in a better position to market and develop their works and in return they receive appreciation or compensation in form of royalties or cash payments.
3.0 Impact of intellectual property rights on the USA economy
Intellectual property protections do have an effect on commerce generally by giving incentives to create and invent protection of inventors from unauthorized copying, facilitation of specialization in the markets of technology, creation of platforms for financial investments and finally growth by way of acquisitions, IPOs and mergers.
On the month of September this year, the department of commerce in USA released a wide-ranging report “Intellectual Property and the USA Economy: 2016 Update”. This report found out that in...