The Role of Intellectual Property and Innovation Policy in Economic Development

J Devika Rani

Assistant Professor of Economics, Department of Economics, Mannar Thirumalai Naicker College, Madurai.

Abstract

Intellectual Property (IP) and innovation policy are key drivers of economic development, technological progress, and global competitiveness. In the modern knowledge-based economy, countries that establish strong IP frameworks and implement effective innovation policies experience higher levels of entrepreneurship, foreign direct investment (FDI), and industrial growth. Intellectual Property Rights (IPR), including patents, copyrights, trademarks, and trade secrets, provide inventors and businesses with exclusive rights to their innovations. These rights incentivize research and development (R&D), protect creative works, and enable companies to commercialize new technologies. A well-functioning IP system fosters an environment where businesses and individuals are motivated to innovate without fear of imitation or unfair competition.

Keywords

• Economic Development,  Technological Progress,  Global Competitiveness,  Knowledge-Based Economy,  Entrepreneurship

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Cite this Article as Follows

J, D. R. (2025). Technology and innovation in management practices: TIMP Feb 2025 [Hard Bound]. In D. James (Ed.), Technology and Innovation in  Management Practices (1st ed., Vol. 1, pp. 78–84). ASDF International. https://edlib.net/2025/timp1/timpfeb2025012.html