The importance of IP

A recent report by the British Government argues that, as in the US:

Intellectual Property is a critical component of our present and future success in the global economy. The UK’s economic competitiveness is increasingly driven by knowledge-based industries, especially in manufacturing, science-based sectors and the creative industries.

According to some sources, nearly half of the GDP of the United States is based on intellectual property.

The report focuses on copyright issues, and clearly and appropriate policy for protection of intellectual proprety (that also doesn’t constrain the development of new intellectual property!) is critical in a knowledge economy. But so are the processes that lead to the generation of new ideas: innovation and creativity.