An area of the law that concerns legal rights that are associated with creative effort or commercial reputation and goodwill. Intellectual property is a field that refers to a all creative matter created by its creators or artists like any kind of art work, any novel, articles, designs and also patents, trademark, copyright etc are come under intellectual property and law made for the sake of writers or creators for preventing their work to be misused by anyone is known as intellectual property law.
Intellectual property law has several kinds of rights and it gives a right to creators to prevent unauthorized reproduction or adaptation of their creative work such as books, movies, paintings, music, photographs and software’s for a certain period of time.
Purpose of Intellectual property Law
Intellectual property rights give creators exclusive rights to their creations, thereby providing an incentive for the author or inventor to develop and share the information rather than keep it secret. The legal protections granted by IP laws are credited with significant contributions toward economic growth. This rights doesn’t meant to keep creators work as a secret these just give them advantage that their work are their for a certain period of time no one can use or reproduce it without permission of their creators but creators can use or adapt it several time for their further work.
Economists estimate that two-thirds of the value of large businesses in the U.S. can be traced to intangible assets. Likewise, industries which rely on IP protections are estimated to produce 72 percent more value per added employee than non-IP industries. Additionally, a joint research project of the WIPO and the United Nations University measuring the impact of IP systems on six Asian countries and found that "a positive correlation between the strengthening of the IP system and subsequent economic growth."
Intellectual property rights are considered by economists to be a form of temporary monopoly enforced by the state. Intellectual property rights are usually limited to non-rival goods, that is, goods which can be used or enjoyed by many people simultaneously - the use by one person does not exclude use by another. This is compared to rival goods, such as clothing, which may only be used by one person at a time. The establishment of intellectual property rights therefore represents a trade-off, to balance the interest of society in the creation of non-rival goods with the problems of monopoly power.
History
Modern usage of the term "intellectual property" began with the 1967 establishment of the World Intellectual Property Organization (WIPO), but it did not enter popular usage until passage of the Bayh-Dole Act in 1980. The earliest use of the term "intellectual property" appears to be an October 1845 Massachusetts Circuit Court ruling in the patent case Davoll et al. v. Brown. in which Justice Charles L. Woodbury wrote that "only in this way can we protect intellectual property, the labors of the mind, productions and interests as much a man's own...as the wheat he cultivates, or the flocks he rears." The statement that "discoveries are...property" goes back earlier. The concept's origins can potentially be traced back further.
