A study by Daniel Okimoto at Stanford University identified five other factors: 1  The political party in power did not take the difficult steps needed to spur the economy. 2  Taxes were raised in 1997. 3  Banks kept bad loans on their books, which tied up capital needed to invest in growth.
Intellectual property is the area of law that deals with protecting the rights of those who create original works. It covers everything from original plays and novels to inventions and company identification marks.atents protect an invention from being made, sold or used by others for a certain period of time. There are three different types of patents in the United States: 1  Utility Patents-these patents protect inventions that have a specific function, including things like chemicals, machines, and technology.
DEFINITION of 'Intellectual Property'. A broad categorical description for the set of intangibles owned and legally protected by a company from outside use or implementation without consent. Intellectual property can consist of patents, trade secrets, copyrights and trademarks, or simply ideas. The concept of intellectual property relates to the fact that certain products of human intellect should be afforded the same protective rights that apply to physical property. Most developed economies have legal measures in place to protect both forms of property.