"Literary property" was the term predominantly used in the British legal debates of the 1760s and 1770s over the extent to which authors and publishers of works also had rights deriving from the common law of property ( Millar v Taylor (1769), Hinton v Donaldson (1773), Donaldson v Becket (1774)). The Statute of Monopolies (1624) and the British Statute of Anne (1710) are seen as the origins of patent law and copyright respectively, firmly establishing the concept of intellectual property. The Statute of Anne came into force in 1710. Balancing rights so that they are strong enough to encourage the creation of intellectual goods but not so strong that they prevent the goods' wide use is the primary focus of modern intellectual property law. Additionally, investments in intellectual goods suffer from problems of appropriation: Landowners can surround their land with a robust fence and hire armed guards to protect it, but producers of information or literature can usually do little to stop their first buyer from replicating it and selling it at a lower price. Unlike traditional property, intellectual property is "indivisible", since an unlimited number of people can "consume" an intellectual good without its being depleted. The intangible nature of intellectual property presents difficulties when compared with traditional property like land or goods. These economic incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators. This gives economic incentive for their creation, because it allows people to benefit from the information and intellectual goods they create, and allows them to protect their ideas and prevent copying. To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in the majority of the world's legal systems. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The best-known types are patents, copyrights, trademarks, and trade secrets. There are many types of intellectual property, and some countries recognize more than others. Intellectual property ( IP) is a category of property that includes intangible creations of the human intellect. Intellectual property laws such as trademark laws forbid the sale of infringing goods like these " McDnoald's" and " NKIE" sandals.
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