Intellectual Propert y Rights: Innovation and Social Welfare
that IPR protection is essential to the overall welfare of society. Rarely does classical libertarianism, in its defense of individuals’ natural right to the fruits of their labor, and utilitarian ethical theory in its concern for the common good come to the same conclusion on sociopolitical matters. The case of IPR is one of the few examples in which the two opposing theories yield the same conclusion, considering that individual property protection directly leads to the enhancement of the common good. In the light of this, it is not merely justifiable to protect intellectual property to the same extent that we protect ‘real’ property; the resulting advancements in social welfare through intellectual and scientific progress oblige us to do so.
Bibliography Gould, David M. & Gruben, William C. 1996. The role of intellectual property rights in economic growth. Journal of Development Economics, Vol. 48, Issue 2. Kwan, Yum K. & Lai, Edwin L.-C. 2003. Intellectual property protection and endogenous economic growth. Journal of Economic Dynamics & Control, Vol. 27. 853-873. Lemley, Mark A. 2005. Property, Intellectual Property, and Free Riding. Texas Law Review, Vol. 83. p. 1031 Lessig, Lawrence. 2005. Free Culture. New York: Penguin Books. Locke, John. 2010. Two Treatises of Government. New York: Classic Books International. Park, Walter G. & Ginarte, Juan Carlos. 1997. Intellectual Property Rights and Economic Growth. Contemporary Economic Policy, Vol. 15. Ross, Stephen A., Westerfield, Randolph W. & Jordan, Bradford D. 2011. Essentials of Corporate Finance. New York: McGraw-Hill/Irwin. Schumpeter, Joseph A. 2011. Capitalism Socialism and Democracy. Connecticut: Martino Publishing. Sen, Amartya. 1999. Development as Freedom. New York: Anchor Books. Smith, Adam. 1994. The Wealth of Nations. New York: The Modern Library. Besen M., Stanley & Raskind, Leo J. 1991. An Introduction to the Law and Economics of Intellectual Property. The Journal of Economic Perspectives, Vol. 5, No.1.
Marvin Backes is currently a senior at Westminster College in Salt Lake City. He will graduate with a BA in Philosophy and Economics in June 2013.
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