Innovation plays a central role in social welfare, and intellectual property has developed as a tool for driving and channeling innovation, by balancing access and exclusivity. How that balance is struck affects both individual organizations and larger communities and nations.

Intellectual property remains controversial. Yet it is and has long been a fundamental instrument of innovation and even personal freedom, and its crucial role will surely continue well into the future.

Nobel laureate economist Amartya Sen argues that national development goes beyond economics or technological progress, and should be seen “as a process of expanding the real freedoms that people enjoy,” including facilities for education and health care as well as political and civil rights. Sen points to freedom of expression and action, freedom to exchange words, goods, and gifts, as basic liberties, part of the way human beings interact with each other unless prevented from doing so. Economic wealth is only one means for achieving freedom in a long and healthy and happy life. Freedom is increased by political liberties, social opportunities, and the enabling conditions of good health, basic education, protective security, and the encouragement and cultivation of initiative.