Discuss the economic and social consequences of counterfeiting and piracy.

Counterfeiting and piracy do not hurt only the economic and moral interests of individuals holding the IP rights over the counterfeited and pirated goods and items. Their consequences may be pervasive, for reaching and long term so far as the interests of the society and national economy are concerned. As counterfeiting and piracy are law-defying activities, no authentic information on the magnitude of these activities and their impact is available, one can only hope to have at best informed estimates of these. However, the dimensions of socio-economic welfare that get adversely impacted by such unlawful activities can be visualised. We list here the more important socio-economic consequences of violation of IPRs, which _____ __________ _________ ___ _____ _________ ________ ____ ____ ________ ______.
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