Economic Rationale For Protecting Intellectual Property Rights Essay

Economic Rationale For Protecting Intellectual Property Rights - Essay Example In pursuance to the definition of granting rights over property is to give the creator certain rights over property and in pursuance to it, to give its creator an opportunity to profit from it. It is a fact that violation of the intellectual property rights has been flagrant in several countries. And the assurance of protection of these rights is the only safeguard for the owners in keeping ownership of these rights and the products accompanying it. Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right to that creation for a certain period of time which reaches 20 years before they could be used openly by any manager of a company or investment to reproduce the product under their own name. ... Intellectual property rights (IPRs) generally fall into two categories: 1) copyright and associated rights, and 2) industrial property ,each important as the other where the legal system arranges the works of people who work in the field of the product to make a unification of deals where the percentage of the work and the user of the work and the benefactor of the work all benefit and the rights of the work lie on the shoulders of their inventors where people could recognize the art and the invention by the design, place of origin, characteristics of the art and its uses. After the first 20 years of property intellectually used by its real owners the design becomes a service and series mark and could be used initially as a model of recognizing others and a work and could be categorized under the works of the writer or the worker and use the effect of the work to be universally known as designating a certain group of people who managed to accept and follow the arts and rights of such owners of the property and use it to their own benefits. This is different from patencies as patencies do not accept anyone's usage of the work and replication of the work so as to be solely used by the person who has invented it and made it who could benefit of it alone. This is true and right about people who work on managing their own professions and want to better their careers and stand out inside the dimensions of the field of work.(http://www.wto.org/english/tratop_e/trips_e/trips_e.htm#WhatAre). Authors, artists and composers, which fall under the first, are protected by copyright for literary and artistic works (e.g. books, literary and musical pieces, all forms of artworks, software and films)for a minimum period of 50years after the death of the author then they could be