Intangibles, information goods, and intellectual property goods in modern economics

Modern economics pays little attention to the theoretical aspects of intangible goods, information goods, and intellectual property goods as they are very controversial and often conflicting issues. The interests and benefits of market stakeholders are often substitutive and/or complementary and are highly affected by political, economic, or social issues. Additionally, contemporary economics is not able to define and distinguish these goods and therefore explain their relationship and mutual dependencies. So far intangibles and intellectual property issues in economics have been analyzed and monopolized by traditional mainstream economics, representing unreal assumptions. The modern world experiences profound changes in the practical dimensions which need deep changes and a “new opening” in the theory of social sciences in many fields of interest. Nowadays mainstream economics is reluctant to initiate a paradigm shift, even though it has lost its ability to explain human and market behavior and forecast the future. The new phenomena, i.e., the growing role and importance of the new type of goods called intangible goods, information goods, and intellectual property goods, reshape reality and create new foundations and rules for market behavior. The “new opening” in this field can be made by law and economics which deliberates intangibles and their legal protection, or by information economics which can help to clarify and explain many issues connected with intangible resources because it focuses directly on information and understands its uniqueness and modernity. Before the research is carried out and theories are deliberated, it is necessary to define the basic concepts precisely. Therefore, many questions arise: what is the scope of interest of intangibles, information goods, and intellectual property goods, which concept is broader and which is superior, are they synonymous, and which types of intellectual property rights can protect information goodsinformation goods? The chapter aims to comment on, describe, and systematize the main concepts and approaches to intangibles, information goods, and intellectual property goods that can be found in contemporary economics.