Intellectual property rights

Purpose - The purpose of this paper is to provide an overview of intellectual property justifications and the basics of intellectual property law. Design/methodology/approach - The paper examines intellectual property rights, discussing such areas as: copyright protection, patents, trademarks, trade secrets and common and current misconceptions. Findings - Overprotection can be as damaging as underprotection because of the harm to the intellectual commons. The ideal property rights regime is one that prudently seeks balance. Originality/value - Advises that the goal of the legal system should be the provision of just enough protection to reward creative workers for their labor and to spur future innovation. At the same time, it is necessary to avoid overly strong protection that will deplete the intellectual commons or unduly restrict its expansion, and thereby fail to promote social welfare.