V. (1998). Benefits and Costs of Following Comparative Advantage. Discussion Paper #423, Research Seminar in International Economics, School of Public Policy, Univ. of Michigan, Ann Arbor, Michigan
public projects and policies, including its implications are…
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Trading necessitate liberalized economic policies which are cited in the General Agreement on Tariff Trade which the author presupposed as an instrument that hinder the use of war as instrument for economic expansion. This policy is however should be rechecked using cost-benefit analysis to secure issues pertaining to environment, culture, use of technology, child labor, migration, and presence of other multinational organizations and concerns for world peace. Author further argued that the company explicitly argued that to secure the products being introduced to the market, necessary measure for intellectual properties rights should be adopted to protect itself from distortions happening in the market or those that are made by the government.
Intellectual property (IP) is defined as creations of the mind and preservation of authorship on inventions, literatures, arts, movies, symbols, names, images, and designs used in commerce (WIPO, 2012, p. 1). This cover industrial property of trademarks, patents, industrial designs, and geographic indications of source, and copyright (WIPO, 2012, p. 1) . Traders argued that IPR balance and neutralize the impacts of all possible effects of tariff policy and also improves the countrys position the worlds productivity rank. This is because it sets legal limitations to conditions in industrial developments to protect the properties and creation of innovators (Lerner, Strojwas, & Tirole, 2005). This limitations are universally applied thus can’t be considered as negative for new entrants in the market. Many research studies proved that this is a theory that protects the authors from those that can do infringement e.g. pirate the nature of products made by another. Many poor countries however criticized this policy as unfavourable to the indigenous people whose vast knowledge on natural medicines cannot avail of patents and
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