INTELLECTUAL PROPERTY RIGHTS (IPRs) AND THEIR IMPACT ON ECONOMIC DEVELOPMENT

Intellectual Property Rights (IPRs) play a pivotal role in fostering economic development by encouraging innovation, revitalizing industrial sectors, and facilitating technology transfer. The effectiveness of IPRs, however, varies significantly depending on a country's market structure, regulatory environment, and stage of economic development. While stronger IPRs can lead to increased foreign direct investment (FDI),product innovation,and technology diffusion, their success is contingent upon complementary policies that promote competition and human capital development. This paper explores the dual impact of IPRs,identifying both opportunities and limitations, and highlights the need for tailored policy frameworks to maximize socio-economic benefits.