1 Essay Example | Topics and Well Written Essays - 10000 words

1 - Essay Example The economic theory dictates that the value of property is dependent on its demand. This also encompasses intangible property. According to Sople (2003), the brainchild of human intellect and wisdom is IP. IP is generally divided into two categories. Industrial property is that which encompasses patents, trademarks, industrial designs and geographic indications of source (WIPO 2010). On the other hand, copyright, the second class of IP, covers all literary and artistic works that are to be protected; copyright includes poems and plays, musical compositions, paintings, photographs and sculptures (WIPO 2010). The protection of IP is a major concern for policy makers. Countries like the US, Japan and the Netherlands attach great importance to the safeguard of IP. As discussed in detail in the following paragraphs, the protection of IP is important for economic growth and stability. Protection of IP also provides channels for the sustainment of technological advances, and in attracting investments in the country; this in turn leads to the creation of more jobs. The World Banks Global Economic Prospects Report for 2002 recongnized the growing importance of IP in the economic sector and how it is necessary for today’s globalized economies. It was observed in the report that â€Å"across the range of income levels, intellectual property rights (IPR) are associated with greater trade and foreign direct investment flows, which in turn translate into faster rates of economic growth† (Field 2008). For instance in the US, researches conducted over the last few years have established that about half of the exports are now dependent on the protection of IP, as compared to only 10% exports 50 years ago (Field 2008). At the national level, the system of intellectual property is regarded as one of the most important foundations of the current economic policy. Over the time, its importance has been recognized in sustainable development in