Dec 02, 2019 (Heraldkeepers) — A talent-driven economy has become a key requirement for the growth and development of the modern economy. The workforce can generate innovatively, and new ideas surpass all other drivers of economic development. The future success of an economy depends on the quality of talent retained. Some of the main reasons why the modern economy should focus on talents include:
1. Maximize Productivity
With the talent economy, the chance of growth of the modern economy is high. The human capabilities are considered to be the fundamental drivers of economic development. By focusing on the talents and brains, the modern economy will be able to retain the best skills and knowledge. The fresh talents can utilize their innovative ideas and maximize the productivity of individuals, organizations, as well as the entire community, which ultimately leads to the growth and success of the overall economy.
2. Better Development
Focusing on talents can help the modern economy in gaining better development opportunities. The quality of the workforce is of paramount importance for the development of the economy. The availability of skilled talents helps in increasing investments and enhancing the returns on investment for better development of the economy.
3. Expand Capabilities
By giving importance to talent economy, the modern economy can expand its capabilities much easily. The talents acquired can help in overcoming the potential challenges with the use of their innovative and new ideas. The growing demand of the talented workforce across the globe allows the modern economy to expand successfully.
Effect of Intellectual Property Rights and Patents on Economy
Intellectual property rights and patents have a significant impact on the global economy. Apart from a talent economy, intellectual property rights and patents can also help in stimulating the growth and development of the modern economy.
Intellectual property rights play an important role in encouraging innovation, technical change, as well as product development. An IPRS system that favors the diffusion of information through the low-cost imitation of foreign technologies and products is likely to impact the economy of a country positively.
The intellectual property rights also help in rewarding the risk-taking and creativity of the new entrepreneurs and enterprises, thereby leading to the growth of the economy. The IPRs can also help in stimulating dissemination and acquisition of new information. The new information gained paves the way for further inventions.
The patent also provides the firms with certainty that they will face fewer threats of uncompensated appropriation. It helps the firms induce products and technologies more readily, enabling the enhancement of the economy. By strengthening intellectual property rights, the developing countries tend to attract more inflows of technology.
IPRs also encourage the growth and development of interregional as well as international marketing networks that help in achieving economies of scale. A strengthened intellectual property enables inducing greater R & D that helps in meeting the needs of the developing countries.
Focusing on talent as well as intellectual property rights and patents can help in the successful growth and development of the modern economy.
Author: Manahel Thabet