Intellectual Property Rights and the Organization of Industries: New Perspectives in Law and Economics

The process of innovation usually differs from one industry to another, according to level of expected rents, the uncertainty over the return of investments and competition dynamics. The diversity of industries is largely reflected not only in their rate of innovation and growth, but also in the evolution of their governance structures. Notwithstanding the pervasive diversity of the organization of industries, the legal protection accorded by IPRs has evolved as a standard rule that grants the same protection across heterogeneous industries. In order to avoid economic distortions and rent dissipation, IPRs' definition and enforcement should be implemented on a case by case basis.