Should intellectual property be abolished?

I am assuming your intended question was directed at the legal protections over intellectual property rights (i.e. patents, copyrights, trademarks, trade secrets), and not the literal interpretation that we should stop creating and innovating.

The “value to society of intellectual property as a legally protected right” is an opinion with many views.

IP Services in Vietnam 

My view is that it would reduce the incentive for one to innovate and create. As an inventor, I would no longer share my thoughts and ideas with society so that others could grow them.

Individuals would be at a major disadvantage against larger companies who have more funds to test and revise quickly. An individual would need to protect all secrets until ready to build a final product and hit the market all as once. Because as soon as an innovation was released to the market, hoards of knock-offs would follow, quickly reducing the price, and quality.

As a writer, I would charge much more for my work, since it is free to be copied and sold by others, and value initially diminishes as a work becomes more commonly known.

Artist, Singers, Writers, etc. would be severely limited in what they could gain from their efforts and therefor would have incentive to prevent publishing, recording, and distribution to wider audiences. Inventors would spend time obfuscating their works, and refuse to explain new discoveries or improvement in the arts.