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Intellectual property

Intellectual property Definition

The concept of intellectual property (IP) treats certain intangible products similarly to physical things. In most countries, IP laws grant certain kinds of exclusive rights over these intangibles on the analogy of property rights, some expiring after a set period of time, and others lasting indefinitely.

The purposes of these laws has varied, but most grant the "owner" a monopoly on the use or copying of the protected "property". This was done historically to both to grant a boon to a king's favourite, as well as "to promote the progress of science and useful arts". In the latter sense, patents and copyrights serve as incentive to inventors and authors to produce works which benefit the public. These creators can exact a fee from those who wish to copy their invention or publish their compositions.








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