Wednesday, March 18, 2009

Abolish the IP Laws to save the Economy

Between 1960 and 1990, four Asian countries Taiwan, South Korea, Hongkong and Singapore, have developed their industries a lot much faster compared to any other countries in the world.

Many factors have been mentioned as the basis for their industrial progress, but according to Wikipedia the most determining factor is the Traditional Philosophies of the hard working people of those countries.
Meanwhile, Scripted wrote that such progress was achieved because during those years those countries have not been serious in protecting Intellectual Property (IP) right.

In this regards, I read a blog post in Legal Blog Watch about two Economists at Washington University i.e. Michele Boldrin and David Levine, who claimed to know how to revive the current economy crisis without any stimulus policy. Their proposal is to abolish the Patent, Trademark & Copyright laws which they said have discouraged innovation and prevent inventions from entering the marketplace.
In their book "Against Intellectual Property Monopoly" they said:
"So-called intellectual property is in fact an 'intellectual monopoly' that hinders rather than helps the competitive free market regime that has delivered wealth and innovation to our doorsteps,"
They said that there's plenty of protection and opportunities to make money for inventors and creators. And there are lots of ways to make money without IP.
However, the economists realized that it is impossible to eliminate the IP laws drastically, so they will propose an incremental approach to gradually reduce the scope of those laws.

Although the IP Laws may discouraged innovations and prevent inventions of certain people, especially those who have bad faith, however as any laws, the IP Laws are needed to ensure legal certainty and justice for the whole society in general.

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