We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Temporary monopolies and intellectual property rights Essay

Topics:

Paper type: Essay Pages: 2 (256 words)

Views: 254

What are the arguments for and against allowing temporary monopolies by allowing intellectual property rights? What forms of intellectual property exist for designs, and how are these different from patents and copyright? Knowledge and creativity are essential components in product innovation, and significantly contribute toward sustaining a competitive edge.

Allowing temporary monopolies by allowing intellectual property rights have both pros and cons. Advantages of allowing a temporary monopoly by allowing intellectual property rights offers the benefit of protection from other competitors from benefiting from the innovation, and provides the opportunity to research and develop a product, and regain the costs involved in the process, to include make a profit.

Disadvantages of allowing a temporary monopoly by allowing intellectual property rights include a decrease in potential in optimal creativity and innovation simply because no challenge exists typically produced when there are competitors. In addition, the consumer does not have the ability to explore and compare like and similar products, eliminating the opportunity to purchase the product of choice, to include purchase at a lower cost.

Various forms of intellectual property exist for design.

These include patent, copy and trade rights. A patent right allows for exclusive design and manufacturing, and protects the product from being sold by another competitor without license. Copyrights protect the original creativity of the inventor, and Trademark protects the design, the uniqueness of the product when sold in the competitive market.

Reference: Tidd, J. & Bessant, J. (2009). Managing Innovation Integrating Technological Market and Organizational Change, 4th Edition. (John Wiley & Sons Ltd).

Cite this page

Temporary monopolies and intellectual property rights. (2017, May 01). Retrieved from https://studymoose.com/temporary-monopolies-and-intellectual-property-rights-essay

How to Avoid Plagiarism
  • Use multiple resourses when assembling your essay
  • Use Plagiarism Checker to double check your essay
  • Get help from professional writers when not sure you can do it yourself
  • Do not copy and paste free to download essays
Get plagiarism free essay

Not Finding What You Need?

Search for essay samples now

Our customer support team is available Monday-Friday 9am-5pm EST. If you contact us after hours, we'll get back to you in 24 hours or less.

By clicking "Send Message", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
No results found for “ image
Try Our service
online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Click to learn more https://goo.gl/CYf83b

online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Click to learn more https://goo.gl/CYf83b

image

Your Answer is very helpful for Us
Thank you a lot!