Question

If you found a prototype of a revolutionary new mobile phone lying on a public bench, what would you have done with it? What would be the consequences of your chosen action? Does the value of a parcel of land come only from the profits it can generate? If not, what makes land valuable? Does it have an “inherent” value that has nothing to do with human profit? How is intellectual property a true form of property? Do you think it is appropriate for governments to protect intellectual property just like any other form of property? Explain your answer.

Answer 1

• If a new prototype of a revolutionary new mobile phone is found, the inititail ethical step should be to find the original source of the product. If that isnt sucessful it can be considered as a business opportunity.
• As a rational person, one can take advantage of the prototype by getting a property right on the prototype. A patent gives a change of for further advancement and R&D. A patent will give enough time for advanced research for more innovation of the product.
• Value of land: The value of a particular land is not completely dependent on the profits it provide or generates. There are many other factors that determine the value of land like the neighborhood, the accessibility of different services, current value of the land, future expected value of the land etc. There can be an inherent value which is not related to human profits
• Intellectual Property: Intellectual property refers to the innovations, inventions and creations by individuals which include patents, copyrights, trademarks, etc. Intellectual property rights are protected bt law. Both individual and organizations can have ownership of IP. Government has a major role to protect these intellectual properties to protect the business interest of the people and organizations in order to get maximum benefits of their innovation. Without government intervention there are chances for fraud, duplication, fakes etc which hinders the business interest of the innovator and reduces their benefits.