Apr
12
Intellectual Property Is A Key Source of Prosperity
Submitted by Jack Pate under Valuing Intellectual Property | Leave a Comment
Not long ago I attended a conference in which a speaker discussed research published by Stanford University, or a group affiliated therewith. The study demonstrated unequivocally that prosperity bore a striking correlation to the level of protection afforded intellectual property. What? Much of the speech about open source software, freeware, volunteerism, donating to the public good, and freedom of expression seems to flow counter to this proposition. Not really.
This study found that the constitutional founding fathers had it right. In order to promote the useful arts and sciences, it is essential to secure to authors and inventors the exclusive rights to their creations for a limited period of time. New drugs are not developed, unless a market for the drugs will assure financial success. New machines are not developed, unless an investor determines with some degree of assurance that a price for the machine will compensate the investor and inventor for development of the machine.
In the law, the expression is “the tragedy of the commons.” This refers to the concept that if everybody uses and nobody builds or replenishes, the commons will be destroyed and useful to no one.
Private property is the basis of prosperity. Communism has been discredited. So why should intellectual property be different? Privately held intellectual property is part of the basis for prosperity. Moreover, most intellectual property is donated to the public eventually. After all, it can only be owned “for limited times,” in order to “advance the useful arts and sciences.”