With the multi-faceted issues emerging from the concept of “New and Knowledge-Based Economy', Intellectual Property Rights warrant a fundamentally influential, though often neglected and misunderstood, role in the most significant structure and paradigm change ever since the industrial revolution. In this article, I survey the economical-influenced historical movement of the IPR systems and then address the major controversies deeply rooted in them. My study mostly supports a Thurow (1997, 2000) type of reform in IPR, but it also takes into caution the complexity of many counteracting forces. Among others, the global downsizing of the public sector should secure the welfare of the general public by employing tools like compulsory licensing, particularly in the field of business patents. These patent should be reformed by filing/litigating requirements and processes in a more equitable way similar to that of a progressive income tax.