Question

"Economics of Innovation and Intellectual Property Rights:
- Patents, copyrights, and trademarks - R&D races, digital innovation- regulation of digital platforms."

Write a half-page post, adding your own analysis and comments.

Answer 1

Finding new resources for economic growth is a top priority task of any country's government, especially in the context of a structural crisis observed over the last five years. This issue is particularly relevant for countries with transitioning economies, where new economic relations are being shaped. In the conditions of today, such a resource becomes the intellectual resources, i.e. the latest knowledge and technology. Today, as a new economy is developed, knowledge plays a crucial role in the growth of both separate enterprises and the country as a whole.

Knowledge regarding which intellectual property rights have been granted, i.e. intellectual property (hereinafter referred to as "IP"), plays a major role in this process. IP is a rapidly evolving institution which has drastically changed its position and significance in world economic relations. While previously the legal component of IP dominated, today the economic component becomes the main component when an innovation economy is being shaped.

Legal monopoly sets terms for the distribution of protectable knowledge in the form of goods. So the intangible nature of knowledge and the knowledge monopoly (exclusive rights) determine the nature of the intellectual property phenomenon. An incentive for the repeated use of proprietary intellectual property rights is the economic aspect of the IP. It is this very attribute which enables intellectual property to be treated as one Significant reasons for the economic prosperity of today's industries and countries as a whole.

The development strategy of the State IP is geared towards the effective use of intellectual property. The elements of such a strategy, including a system to promote innovation and intellectual property, are described in the sections below. It is important to note in this section that the contents of the State policy, as well as the tools and methods promoting its implementation are Determined by the economic situation in the country concerned and the definition of the State regulation chosen in this regard