Intellectual Property Rights



Intellectual Property Rights

Introduction

Intellectual property is a notion that is gaining popularity in the modern times. It is being recognized by the people, organizations and the society that more than the physical property, the intellectual property and assets hold importance in the success and development of an entity. The protection of this strategic asset is therefore turning out to be an important concern for the individuals and organizations (Wherry, 2008). This paper is based on discussion of this growing subject that is intellectual property rights. The paper predominantly aims to cascade light on the rationales and basis for intellectual property rights and to assert whether the enforcement of intellectual property rights is necessary for inducing and promoting innovations or is it responsible for impeding and slowing the pace of innovations.

In the initial section, the paper explains in brief the notion of intellectual property and intellectual property rights. The paper then provides various rationales for intellectual property rights on the basis of the study of various literature and secondary sources. Several theories associated with the intellectual property rights are then discussed in paper. Eventually, the writer discusses whether the enforcement of the intellectual property rights induces or impedes innovation and creativity (Radhika Rao, 2007). The paper includes different views and theories by various authors to support the assertions provided by the writer.

Discussion

Intellectual property rights permits the creator of the intellectual property to protect his or her creation from illegal copying and usage. Intellectual property rights make the creator able to impede other people or entities to make use of the property created by him or her without consent. Intellectual property rights also enable the owner to charge the entity who uses his or her property with the consent of the owner as implied by the contract of use.

Nonetheless, the ease in the availability of music through the World Wide Web has been met with a set of mixed reactions. On one hand many supporters tend to claim the growth and popularity of the online music as a positive trend enabling its listeners to a quick and convenient means of enjoying their music thus allowing them to free themselves from the tight hold of the record companies. Similarly many musicians also tend to be in favor of this advancement in technology which has indeed paved way for many artists, providing them with an adequate forum to gain both; recognition from the public as well as fame.

On the other hand, not everyone has been as receptive about the impact of the internet on the creation and distribution of music amongst the public. These critiques tend to acknowledge the internet as a safe haven for computer savvy individuals who can now easily obtain free copies of their favorite music within just a matter of minutes and that also absolutely free of cost. However, this lack of regulation and control within the trading of music files over the internet has led to a significant decline in the sales of the records creating chaos ...