Intellectual Property
What is intellectual property?
Broadly, intellectual property, often referred to by the acronym IP, are the legal property rights over “creations of the mind.” Creations of the mind are generally considered to include most varieties of intangible assets such as inventions, discoveries, books, music, movies, television shows, images, phrases, and designs.
What are the types of intellectual property?
Intellectual property is divided into two classes:
- Industrial property: patentable inventions, industrial designs and trademarks.
- Copyright: primarily artistic works such as books, films, drawings, music, and architectural designs.
Does intellectual property receive special protection?
Intellectual property rights grant the owners exclusive ownership and rights over the creation of their minds, allowing them to reap monopoly profits. Monopoly profits are defined as a profit greater than “normal profit,” which is the profit in a perfectly competitive industry allowed by a lack of viable competition.
What is WIPO?
WIPO is the World Intellectual Property Organization, one of 16 specialized agencies of the United Nations. WIPO is responsible for “the promotion of the protection of intellectual property throughout the world through cooperation among States.”