1.8 - The essence of IP

Exclusive rights. Intellectual property rights give their proprietor an exclusive right to commercially exploit a particular immaterial object, like an invention, a trade mark or a copyright protected ‘work’. IP-rights allow for the exclusion of third parties from using an immaterial object, while the immaterial nature of that object makes it impossible to physically exclude others from its use which, from an economic perspective, would make it a “public good”, if not for the existence of IP protection.

Private property. Only because of the IP protection given to an immaterial object does that object transform from a “public good” that can be freely used by others into private property that others cannot freely exploit because of the legal protection given to that object by the IP-right concerned.

Difference with unfair competition. The question then arises how IP protection differs from the mere right to prohibit, like, for instance, an injunction as may be obtained within the framework of unfair competition law or tort law in general.

1.8.1 - Immaterial objects

1.8.2 - Exploitation of an immaterial object

1.8.3 - Property of immaterial goods

1.8.4 - IP-rights versus unfair competition claims