The fundamental idea behind intellectual property rights is to safeguard human creations just like physical properties are protected. Theoretical understanding of intellectual property rights is essential for comprehending the rights granted and the justification for them. It’s interesting to note that although being a subset of intellectual property rights, trade secret law is very different from other intellectual properties.

This area of intellectual property exclusively deals with wrongfulness that is assessed by reference to independent legal rules and focuses primarily on specific obligations. Thus, trade secret law makes use of intellectual property theory. This article will provide a thorough analysis of the many trade secret protection ideas that have been developed by different philosophers with a purpose and an end in mind. The five theories covered in this article are;

1. The natural rights theory has been constructed on the basis of John Locke’s idea.
2. The utilitarian theory is based on the Benthamite ideal of “the greatest good for the greatest number.”
3. The deterrence theory supports morality.
4. The ethic and reward theory promotes the ethical and moral aspect of intellectual property rights.
5. The personhood theory, which was propounded by Kant and Hegel. 

The utilitarian theory is based on the Benthamite ideal of “the greatest good for the greatest number.” The deterrence theory supports morality. The ethic and reward theory promotes the ethical and moral aspect of intellectual property rights. The personhood theory, which was propounded by Kant and Hegel.

The utilitarian institution proposes that the creators of intellectual property must be given adequate incentive and so it is also known as the incentive theory. Bentham opined that trade barriers to foreign imports restrict the increase of trade and commerce of a nation. He applied this concept with the intellectual property rights and believed that the creator must be given absolute privilege in order to recover the amount invested during the inventive process.

A utilitarian institution is one that benefits society. Act utilitarianism is a utilitarian ethical theory that holds that a person’s action is ethically good if and only if it results in the best outcomes in that particular circumstance. The foundation of all utilitarian theories is the principle of utility, which is best described by Jeremy Bentham’s phrase, “the greatest happiness for the greatest number.” Act utilitarianism is built on this premise. According to the article, the existence of intellectual property laws benefits society overall. The economic success of the nations will be used to judge its validity.

This idea, which is supported by economists like Bentham and Mill, makes the assumption that any policy should aim to provide the greatest good for the largest number of people. Utilitarian justifications, however, can be used to support or refute claims of intellectual property rights. The utility gains from greater innovation incentives must be compared to the costs of monopolization and their reduced dispersion. The issue then emerges since it is impossible to compare the advantages to the losses incurred.

Such theories have never been as effective as we would have thought. The economists have a complaint. They contend that the development of a monopoly right occurs when exclusive rights are granted to intellectual property. A market that is totally competitive contrasts monopoly. Monopoly will lead to market crushing if it is unchecked. Whenever the law gives an exclusive right to the innovator, the right holder is not enabled to control the problem. There are so many ways of resolving a problem. That means there is no intellectual property law which prohibits other innovators from innovating a solution to the same problem.

Conclusion:

The society gains from the development and growth as and when an individual produces a product or there is technological innovation inside a community. Since this development contributes to and makes society happier as a whole, it is important to support and encourage this kind of invention and production. Giving the inventor exclusive rights will motivate him because he has worked hard to uplift society and bring joy to as many people as possible. This will not only inspire him to work harder, but it will also give him the confidence that he and his contributions are regarded and valued as they ought to be. Therefore, it is expected that the government or administration will give these rights and acknowledge their accomplishments.

However, while creating and designing the work, the cost of production might be too high. So, the incentive given to the creator might not be sufficient enough to cover the costs incurred. This might discourage the creator as well, thus, preventing him to further experiment and produce