Understanding Patents and Other Forms of Intellectual Property [Patent Reviews]

The purpose of this column is to help engineers better understand the issues associated with patents and other intellectual property (IP). However, this review will not talk much about IP, because IP is an exception to the general rule, and it is useful to start with the general rule. The general rule of our economy is free enterprise and competition, so a person (or company) may engage in whatever kind of commerce he or she desires to make a profit. Usually, that person faces competition from others with the same freedom, assuring customers that he or she will try to offer good value (price, quality, and so on). Competition disciplines the company to be the best choice for its customer. Without competition, the company can raise prices, let quality deteriorate, provide poor service, and fail to innovate and improve.