CONVENTIONAL THEORIES ON PROTECTION OF INTELLECTUAL PROPERTY RIGHTS

Abstract

Intellectual property plays an extremely important role in the socio-economic development of a country. Today, intellectual property becomes a decisive source of capital when natural resources are getting exhausted. There are various levels and arguments involves in the debate on intellectual property protection.  John Locke's labor theory, Jeremy Bentham's utilitarianism and John Stuart Mill's theory, and Heghen's personality theory are considered classic justifications for the protection of intellectual property rights. In this article, the author will present how the above theories are applied to justify the protection of intellectual property rights.