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The author of “Declining Role of Property” (Business Line, November 26) has drawn attention to an important feature of the modern economy. The only property that holds value is intellectual property.

The growth of economies will depend on how strong the laws for protection of Intellectual Property Rights are in a nation.

The primary reason for less developed economies being what they are is the lack of invention, and this position will not change as long as they give greater protection to physical property than to Intellectual Property.

M. C. Swaminathan Bangalore

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