Intellectual Property is becoming an important area of contention that needs to be closely studied by lawyers, economists and governments around the world. Every IP case have deep implications for the general welfare of the society (for important innovations and inventions), the meaning of property and the ways laws can protect them. From Free Exchange Blog at The Economist, I learnt the story of Ralph Anspach’s battle against Parker Brothers, the owners of the world famous Monopoly game.
Professor Ralph invented Anti-Monopoly, a game much like the Monopoly with its principles somewhat reversed where in its original version, players start off with monopolies and try to get to the free market state. In the latest version of the game, players get to choose to be either free-marketters or monopolist. In any case, he spent a lifetime battling Parker Brothers and researching the origins of the true, original Monopoly game (and how the capitalists were indeed true to the principles of the game).
Governments have to engage in design of laws that allows for Intellectual Property rights to be enforced but in a way that allows further innovation so that there are incentives to make improvements to existing innovations or discover mash-ups that utilizes stuff under IP protection. Economists have to consider the balancing of these incentives and how different ways of enforcing IP laws would alter the innovation patterns of the environments governed. Joseph Stiglitz happened to pen some of his musings on this issue on Project Syndicate.
It is interesting to note, as the Free Exchange Blog entry mentioned, that board games are countercyclical products. This is true for comfort foods as well, ranging from chocolates, candies to lollipops and other treats for those with a sweet tooth as mentioned in the recent Fortune Magazine.