Some readers of our full-service entertainment and business law blog at the Law Offices of Barry K. Rothman in Los Angeles might reasonably view the term "screams" in today's headline post as being dramatic or even over the top.
Actually, though, we think the depiction is somewhat apt, given the central findings of a recently released government report focused upon the intellectual property regime in the United States.
One bottom-line conclusion forthcoming from the U.S. Department of Commerce is this: Employment in the U.S. that is supported by or otherwise owes to so-called "IP-intensive" industries amounts to more than 45 million jobs.
That is a staggering number, of course, with government regulators noting that it underscores the importance of maintaining the integrity of intellectual property laws and related enforcement.
Here's another piece of data from the report: IP-intensive industries (think things like science, data technology, manufacturing and the arts) accounted for about 38 percent of the country's total gross domestic product in a recent year.
Such statistics firmly buttress the view that American IP laws that safeguard the creations and rights of individuals and companies holding trademarks, copyrights and patents are very important, indeed.
One obvious reason why, as noted in an article discussing the government report, is that protection enables property holders to turn intangible assets into tangible property (the rights becoming assets that can be traded -- licensed or sold -- in the market place). That flexibility allows entrepreneurs to leverage their property to finance new ideas and schemes, thus augmenting the national job pool even further.
And then there's this, of course: Absent a body of laws that protect creators' sweat equity and contributions to society and guard against piracy, the incentive to create useful products and processes would unquestionably diminish.
And if that was the case, those impressive numbers cited above relating to job creation and gross domestic product would quickly become past-tense notations in a materially enfeebled economy.