Intellectual property (IP) is integral to economic activity because it provides not only legal protection under the rule of law to inventors and creators, but also incentives for exclusive access to benefit from the discovery. “Industries in the United States that intensively use IP accounted for 41% of domestic economic activity in 2019,” according to the U.S. Patent and Trademark Office. Although the costs associated with fraud and piracy are hard to quantify and detect, counterfeit trade for the European Union (EU) represents 6.8% of imports from non-EU countries, according to 2016 data from the OECD. … link to full length article at FORBES.
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