International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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The Role of Intellectual Property in Fostering Innovation and Economic Growth

Author(s) Pratyush Prakarsh, Ujjwal Raj, Siddharth Kamble, Kriti Nand
Country India
Abstract Intellectual Property (IP) is a cornerstone of the modern innovation economy, providing legal frameworks that protect the creations of inventors, artists, and businesses. This paper explores the critical role that IP plays in fostering innovation and driving economic growth. By granting exclusive rights to creators, IP incentivizes investment in research and development (R&D), encourages entrepreneurship, and stimulates the growth of IP-driven sectors such as technology, pharmaceuticals, and entertainment. However, the paper also examines the complexities of IP protection, including its potential to create monopolies, limit competition, and hinder the dissemination of knowledge. The discussion emphasizes the importance of balanced IP policies that promote innovation while ensuring accessibility to technology and knowledge. It further explores the global IP landscape, highlighting how well-designed IP systems can contribute to national and global economic progress. By analyzing both the benefits and challenges of intellectual property, this paper provides recommendations for optimizing IP frameworks to promote sustainable economic growth in the knowledge-driven economy of the 21st century.
Keywords Intellectual Property, Innovation, Economic Growth, Patents, Copyright, Trademarks, IP Policy
Field Sociology > Administration / Law / Management
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-10-15
Cite This The Role of Intellectual Property in Fostering Innovation and Economic Growth - Pratyush Prakarsh, Ujjwal Raj, Siddharth Kamble, Kriti Nand - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.28732
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.28732
Short DOI https://doi.org/g8k5w2
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