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IPRs and the knowledge economy
Abstract:
Since the economic reforms that began nearly two decades ago, the Indian economy has been undergoing an important transition- from a closed to an open one; to one where knowledge based production of goods and services is commanding the economy. India has also moved away from a static economy that was characterised by a status quoist government control to one where economic liberalism is the driving force, and one where innovation in products, processes, technologies and systems is critical for the profitable sustenance of productive entities. In short there has been a growing acceptance that knowledge assets will increasingly drive the economy, both internationally and within India. This structural transformation of the Indian economy is the result of many factors, and each has involved the interplay of international forces and influences and domestic abilities and efforts. The role of government, domestic industry, international firms, research institutions, non-government organizations, and of course private individuals therefore has changed significantly in the past few years, and what is more, will continue to change in the future. The direction is towards lower government command and control in all sectors and greater role of the market place in creating the right set of incentives for all. And all of this is in the context of an economy that is becoming more and more integrated with the international economy, and where free movement of knowledge and technology goes hand in hand with the flow of financial and human capital. This paper aims to look at the role property rights, particularly intellectual property rights play in promoting innovation in the knowledge economy.
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