ABSTRACT
This chapter argues that public policymakers' newfound concern for the protection of intellectual property is well warranted. It discusses the public policy debate over whether strong intellectual property protection is warranted. The chapter explores a few possible government initiatives aimed at enhancing intellectual property rights. There is every indication that intellectual property protection will remain prominent in the public policy debate over American competitiveness for the foreseeable future. Intellectual property rights are the legally protected property interests individuals possess in the fruits of their intellectual endeavors. The exclusive rights conferred by intellectual property law give inventors, authors, and manufacturers incentives to devote resources to the creation of new literary and artistic works, symbols, and inventions. Empirical work on the link between patents and research and development confirms an association between intellectual property protection and innovation. The limited process patent protection afforded innovators may well have undermined American competitiveness.
