Patents and Trademarks

Paper Summary:

Although both are pieces in the intellectual property puzzle, they are treated in dissimilar ways, which is why differences exist between the two properties. This paper looks at the relationship between a patent and intellectual property and how it is unique in the sense that it depends on how the patent is used. It discusses how some may think that a patent is the most useful tool in intellectual property, but trademarks are just as necessary. Along with keeping up appearances, trademarks also have a social side effect of improving the quality of language.

From the Paper:

" "Good trademarks do not wear out or expire. Well-chosen marks become more valuable as goodwill grows. Trademarks are often the most important assets of established businesses." Patents and trademarks, though they are both major players in intellectual property, have some very distinct differences. Patent laws protect inventions and discoveries, whereas trademarks protect unique symbols or words that "identify for consumers the goods and services manufactured or supplied by particular persons or firms" (Fisher 11/30/98). For example, a patent will protect the invention itself (a tire), and the trademark will protect the name of it (Firestone). Patents were created to increase and protect innovation. They allow the creator to have a temporary monopoly on selling the good so s/he may recoup the cost of invention. Trademarks, however, were fashioned to increase and protect good will for the firm. They move toward creating and then sustaining a customer base. Trademarks also have the side effects of improving the quality of language. Patents do not improve the quality of language, but do improve "the quality of life" per se provided a patent persuades individuals to act in accordance with the good of society. Patents encourage individuals to invent, innovate, and create things that somehow are useful, efficient, and new to the world."

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