Econ Essay Example | Topics and Well Written Essays - 1500 words

Econ - Essay Example As such both the anti-trust laws and intellectual property right laws are at odds with each other due to their potential differences. Though both the legal regimes may seem quite non-relative with each other as intellectual property rights deal with the protection of certain rights over any kind of technological or other advances made whereas the anti-trust laws specifically deal with the competition and how market should be regulated. It is however, argued that both are linked in the sense that government attempt to create so called justified value in the market in a bid to unite the market. This paper will discuss the paradox of what intellectual property rights and anti-trust laws prevent and permit respectively and how this paradox can be solved. Intellectual Property Rights and Anti-trust laws Intellectual property rights are given in order to provide exclusive rights for different intangible assets to the owners of these assets. Most commonly Intellectual Property Rights or IPR are granted by giving or registering patents, trademarks, copyrights as well as industrial design rights. It is however; critical to understand IPRs are becoming increasingly more important not just only in the trade related issues at the national and international level but they are also becoming a matter of daily routine. This aspect of the IPRs therefore makes them critically more important to gain increasingly more significance from the social perspective also. It is argued that there is no uniform definition or explanation of the intellectual property rights at the global level however, different agreements and treaties have actually being made in order to iron out the anomalies and bring in harmony at the national level in the intellectual property rights. World Intellectual Property Organization defines intellectual property rights as â€Å"creations of the mind: inventions, literary and artistic works, and symbols, names, images and designs used in commerce†. (WIPO). This definition is relatively different from what has been defined by World Trade Organization. Definition by WTO suggests that intellectual property rights give exclusive rights to the creators of mind’s inventions to use them for certain period of time. The above definitions therefore suggest that intellectual property rights and their legal implications are still to be defined in uniform manner. Anti-trust laws however, are related with the concept of competition which is purely and economic concept and refer to a market based mechanism. Under this mechanism, everyone is allowed to enter and trade in the market freely and without any restrictions and should be given equal treatment and fair chance to pursue one’s own economic interests. Competition however, also requires optimal allocation of resources and is considered only valuable when it is able to optimally allocate the resources in the market. What is also important to note that competition inherently require s that there should not be any barriers or unfair use of market power and use of unfair practices which can provide an unfair advantage to someone? Competition therefore advocates a fairly balanced and just market mechanism under which everyone is free to enter and exit the market