There is no such thing as intellectual property, since you cannot own an idea:  An individual's idea, so long as it rests solely in his mind or is kept safely hidden, belongs to him. When he disseminates it to everyone and makes it public, it becomes part of the public domain, and belongs to anyone who can use it. If individuals or firms want to keep something a secret, like a production method, then they should keep it to themselves and be careful with how they disseminate their product. One should not, however, expect some sort of ownership to inhere in an idea one has, since no such ownership right exists1. No one can own an idea. Thus recognizing something like a property right over intangible assets is contrary to reason, since doing so gives monopoly power to individuals who may not make efficient or equitable use of their inventions or products. Physical property is a tangible asset, and thus can be protected by tangible safeguards. Ideas do not share this right to protection, because an idea, once spoken, enters the public domain and belongs to everyone. 1 Fitzgerald, Brian and Anne Fitzgerald. 2004. Intellectual Property: In Principle. Melbourne: Lawbook Company.