This paper reviews the literature on the economics of intellectual property rights (IPR), with a particular focus on the main industrial property rights of patents and trade marks. Intellectual property rights arise from the legal protection accorded to certain inventions or creations. We begin...

It is shown that spillovers can enhance private returns to innovation if they feedback into the dynamic research of the original inventor (Internalized spillovers), butwill always reduce private returns, if the original inventor does not benefit fromthe advancements other inventors build into...