Intellectual property rights-and the enforcement of them through the federal government-has caused much debate throughout the years.The system purportedly creates a balance between producers and consumers, and encourages innovation that would not otherwise occur.The textbook states: "Granting monopolies can encourage progress by providing a financial incentive to producers. Singers, songwriters, inventors, drug companies, manufacturersthey all invent and innovate in the hope of making money. If they knew that the law wouldn't protect what they came up with, they'd either not invent at all or they'd simply do it for themselves and their families, without sharing the fruits of their labor with the rest of society."

Please write three paragraph essay in the following format.In the first paragraph should briefly discuss how intellectual property rights are protected by the U.S. federal government.The second paragraph should discuss the balance struck between producers and consumers in the current IP system.In the third paragraph, please state and explain your opinion on whether you think innovation requires a robust IP system or whether the IP system actually chills innovation.