- Definition: Rights given to persons over the creations of their minds.
- Examples: inventions, literary/artistic works, designs, symbols, names, images.
- They usually give the creator an exclusive right over the use of their creation for a certain period.
- Significance for Economic Growth:
- Motivate people for new innovations and research.
- Encourage creation and invention.
- Balance interests of innovators and wider public interest.
- Foster an environment where creativity and innovation can flourish.
- When protection expires, inventions enter public domain, benefiting society.