Humans have walked this earth for millions of years now but why is it that the speeding economic growth, is a phenomenon of recent times?

Humans have walked this earth for millions of years now but why is it that the speeding economic growth, is a phenomenon of recent times? 

The increasing popularity of the Intellectual property rights and Industrial revolution may hold the reason to why that may be. Economic growth can be associated to income growth and population growth.

Michael Kremer reports that the average population growth rate from 1 million BC to 1AD was 0.0007% per year. From 1AD to 1700, it was 0.075% per year and recently it is almost 2% per year. Clearly, the modern economic growth and population growth have been much speedier than it ever was.

The statute of monopolies was established in 1624 in Britain as the first statuary English patent law. The World, in the 18th and 19th century for the first time witnessed sustained and rapid economic growth. Even though no historian or economist could directly and confidently say why after millions of years of relative stagnation, this change occurred. However, it is safe to say that the development of long-lasting institutions and patent laws that could protect intellectual property was one of the causes.

Humans function well when incentives are in line in any form of trade and need the appropriate environment to freely research new ideas and be able to present them to the masses and protect them. Famous astronomer, Galileo Galilei, at the time, was asked to turn himself to the Holy Office because of his good research belief that it was in fact the Earth that revolved around the sun and not the other way around as the Catholic Church believed. Who would want to innovate and invent when you could be imprisoned because you have a new idea. No one will experiment to develop new techniques and technologies if they don’t get the right environment and incentives.

Another example is that of China, in the year 1368, the Ming Dynasty replaced the Mongol dynasty in China. For hundreds of years during the middles ages and towards the end of the 14th century, China was the most technologically forward country in the world. The invention of paper, movable type for printing, the compass, the clock, the spinning wheel, and many more items were invented way back in China than they were in the West. Yet by the 16th century, most of these inventions were either forgotten or were obsolete as no one worked on them to make them better. Even though China had a head start yet it was the countries of the West that initiated the Industrial Revolution, the key factor remains the lack of institutions supporting entrepreneurship with the change of the political regime. Interested and encouraged emperors promoted technological progress but the later rulers liked a more stable and controlled environment. Innovators and purveyors of new ideas were considered troublemakers.

From all the stats, facts, and anecdotes, it is clear that innovation, invention, and creativity can only foster when the state of development and freedom allows it. The increased expenditure on R&D and the emergence of intellectual property rights are major reasons to promote research and bring about new ideas and inventions. IPA defends ideas, inventions, and innovations from thievery. It validates, verifies, and recognizes efforts put in by a person or an organization.

There seems apt to celebrate a day for something that rightfully changed our lives, to make it better and glittering with opportunities. 

In the present day when life is too fast and competitive, it becomes imperative to get people introduced to the world of Intellectual property. This day - the 26th April, the World Intellectual Property Day is a good opportunity to spread awareness about the same and to learn about the integral role it plays in advocating creativity and innovation. 

Every successful enterprise was once just an idea, it was the creativity, the freedom of expression, and protection of IPR that made it possible for creators, innovators, and inventors to research and experiment on their ideas to make them marketable leading to the progress of the entire humankind.

This article blog contributed by our intern Ms. Sukriti Aggarwal. IP Moment Thanks to Sukriti.