Such inventions may include a product, process or a solution to some kind of technical problem that needs to be addressed by such creative inventions. In any society, patent plays a very crucial role. Thus, it should be taken much seriously because it has higher chances of promoting the success of business activities in the country4. Before a right is given, one has to meet the set standards. This can be done in reference to Young v. Rosenthal and Company in which the court ruled that there should be adequate, clear and complete disclosure of the invention that needs to be granted the patent rights.
Once individual inventors are given intellectual protections, they will have to make a good use of their inventions to benefit the society as they also reap a lot of advantages from it5. All these are possible because the law gives them adequate protection from any unnecessary infringement6. It will ease their business operations since it enables them to exclude others from producing, selling, importing or using the invention which has been patented for the entire period of the patent.
As a matter of fact, patent laws are often territorial by nature. Meaning, each and every sovereign country has its own set of patent laws used to govern the patent rights of its people. This is actually necessary since it will help it in offering the necessary protection for the inventors whose property and intellectual rights might be infringed7. Therefore, a part from having such laws, adequate measures should be taken to enforce them. Hence, it implies that each country needs to have its intellectual property laws governing patent rights.
They are sovereign nations that have full authority and mandate to formulate laws to protect the inventions of their own citizens8. A part from relying on the national laws to govern patent rights, countries are free to be party to international treaties which provide laws stipulating the protection of individual property rights in all the involved countries. For instance, amongst the European countries, there is the European Patent Organization (EPOrg) which provides patent laws governing the people from all the countries which constitute their membership9.
These are trends which have been emerging as a result of the increasing globalization which has made it much easier for the international community especially those who come from the same geographical region and having similar interests, to constitute the same laws to govern all the m in a similar manner without any challenge10.
Alchian, Armen A. "Property Rights". In David R. Henderson. Concise Encyclopedia of Economics (2nd Ed.). Indianapolis: Library of Economics and Liberty, 2004.
Arai, Hisamitsu. "Intellectual Property Policies for the Twenty-First Century: The Japanese Experience in Wealth Creation", WIPO Publication Number 834 (E). 2000.
Barzel, Yoram. "Measurement Costs and the Organization of Markets". Journal of Law and Economics 25 (1): 2000. 27–48.
Bettig, R. V. Critical Perspectives on the History and Philosophy of Copyright. In R. V. Bettig, Copyrighting Culture: The Political Economy of Intellectual Property. (pp. 9–32). Boulder, CO: Westview Press, 2006.
Branstetter, Lee, Raymond Fishman and C. Fritz Foley. "Do Stronger Intellectual Property Rights Increase International Technology Transfer? Empirical Evidence from US Firm-Level Data". NBER Working Paper 11516. July 2005.
Burk, Dan L. and Mark A. Lemley. The Patent Crisis and How the Courts Can Solve It. University of Chicago Press, 2009.
Daniel W. Bromley. Environment and Economy: Property Rights and Public Policy. Cambridge, MA: Blackwell Publications, 2003.
De George, Richard T. "14. Intellectual Property Rights." In The Oxford Handbook of Business Ethics, by George G. Brenkert and Tom L. Beauchamp, 1:408-439. 1st ed. Oxford, England: Oxford University Press, 2001.
Guerin, K. Property Rights and Environmental Policy: A New Zealand Perspective. Wellington, New Zealand: NZ Treasury, 2008.
Greenhalgh, C. & Rogers M. Innovation, Intellectual Property, and Economic Growth. New Jersey: Princeton University Press, 2005.
Hahn, Robert W., Intellectual Property Rights in Frontier Industries: Software and Biotechnology, AEI Press, 2005.
Lai, Edwin. "The Economics of Intellectual Property Protection in the Global Economy". Princeton University, 2001.
Lessig, Lawrence. "Free Culture: How Big Media Uses Technology and the Law to Lock Down Culture and Control Creativity". New York: Penguin Press, 2007.
Lindberg, Van. Intellectual Property and Open Source: A Practical Guide to Protecting Code. OReilly Books, 2000.
Miller, Arthur Raphael, and Michael H. Davis. Intellectual Property: Patents, Trademarks, and Copyright. 3rd Ed. New York: West/Wadsworth, 2001.
Perelman, Michael. Steal This Idea: Intellectual Property and The Corporate Confiscation of Creativity. Palgrave Macmillan, 2005.
Schechter, Roger E., and John R. Thomas. Intellectual Property: The Law of Copyrights, Patents and Trademarks. New York: West/Wadsworth, 2007.
Thrainn Eggertsson. Economic behavior and institutions. Cambridge, UK: Cambridge University Press, 2007.