Document Type
Article
Publication Date
8-7-2022
Abstract
This paper argues that the incentive-welfare functions of patents and copyrights would be enhanced by embracing a more purpose-driven view of inventions and creative expressions. This paper is divided into three parts to show how conceptualizing “progress” as the betterment of society through the use of impactful intellectual property will ultimately benefit both the creator and recipient of the work so that the incentive welfare function of the law is maximized. Part I of the paper explores the concept of progress as a goal undergirding the patent and copyright systems and shows how the conventional understanding of progress as “creation” or “dissemination” created a widespread view that patents and copyrights are, in essence, legal protections from free-riding market competitors and users of the work. Part II demonstrates how legal protectionism of intellectual property sidelines more productive and lucrative uses of intellectual property to create business value and social impact which, in turn, produce market success, rewards, and the incentives intellectual property owners need to continue to invest in socially desirable and impactful activities. Part III discusses how intellectual property producers can build business value into their copyrights and patents so that their markets recognize and reward them for value-creation and impact and how the United Nations Sustainable Development Goals serve as a metric to assess impact. This article concludes that it is timely and appropriate to expand the understanding of progress to incorporate other concerns for social development and impact as the sole instrumental goal of the copyright and patent systems.
Recommended Citation
21 Wake Forest J. Bus. & Intell. Prop. L. 1