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Theories of IPR, Intellectual property Rights, Patent Law
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Theories Of Intellectual Property Rights: The Intellectual property rights deals with the rights of individuals just like any other property rights. Intellectual property rights deals with the rights of individuals with respect to abstract objects. The purpose of a justification of intellectual property is to explain why one person should have the exclusive right to possess and use something which all people could possess and use concurrently. Exclusive use is not required for personal use in the context of intellectual property as it is with tangible property, it denotes products of mind and intellect which has the capability of commercial exploitation. Therefore the owner of such an intellectual property has right to do certain acts in respect of his work/product Intellectual Property includes:
produced or performed in public, and the right to prevent mutilations and changes. Intellectual property laws are to be there to protect the author’s or the inventor’s manifestation of his personality. This is also backed by the need for the safeguarding of the individual’s freedom of expression.
3. Utilitarian Theory: As the creators of intellectual properties do not have the necessary incentive unless they have accorded some means to control their knowledge. Unless this is done, they lack the necessary economic incentive. This is called utilitarian theory of intellectual property. Utilitarian is institution socially beneficial. It states that we have intellectual property systems because it has the effect on the betterment /economic of the society. Its correctness is to be assessed in the economic success of the countries. So, it is more of an economic issue. Such creative works require investment in terms of time, money and effort. Therefore if they aren’t provided protection for the same, people will not invest on intellectual properties. Hence, there is a need to pay the rights owner a royalty or fee even though it may increase the price of the product or service to which intellectual property right relates but, can be seen as a kind of tax on knowledge and information. Thereby providing an incentive to create such intellectual works.