I am assuming your intended question was
directed at the legal protections over intellectual property rights (i.e. patents, copyrights, trademarks, trade secrets),
and not the literal interpretation that we should stop creating and innovating.
The “value to society of intellectual property
as a legally protected right” is an opinion with many views.
My view is that it would reduce the incentive
for one to innovate and create. As an inventor, I would no longer share my
thoughts and ideas with society so that others could grow them.
Individuals would be at a major disadvantage
against larger companies who have more funds to test and revise quickly. An
individual would need to protect all secrets until ready to build a final
product and hit the market all as once. Because as soon as an innovation was
released to the market, hoards of knock-offs would follow, quickly reducing the
price, and quality.
As a writer, I would charge much more for my
work, since it is free to be copied and sold by others, and value initially
diminishes as a work becomes more commonly known.
Artist, Singers, Writers, etc. would be severely
limited in what they could gain from their efforts and therefor would have
incentive to prevent publishing, recording, and distribution to wider
audiences. Inventors would spend time obfuscating their works, and refuse to
explain new discoveries or improvement in the arts.
