Rufus Pollock, a PhD candidate in economics at Cambridge University, has just released "Forever Minus a Day? Some Theory and Empirics of Optimal Copyright," a brilliant new paper on the economically optimal term of copyright. He's presenting it in Berlin this week, but it's already online. Here's the abstract:
The optimal level for copyright has been a matter for extensive debate over the last decade. This paper contributes several new results on this issue divided into two parts. In the first, a parsimonious theoretical model is used to prove several novel propositions about the optimal level of protection. Specifically, we demonstrate that (a) optimal copyright falls as the costs of production go down (for example as a result of digitization) and that (b) the optimal level of copyright will, in general, fall over time. The second part of the paper focuses on the specific case of copyright term. Using a simple model we characterise optimal term as a function of a few key parameters. We estimate this function using a combination of new and existing data on recordings and books and find an optimal term of around fourteen years. This is substantially shorter than any current copyright term and implies that existing copyright terms are too long.
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When it comes to data analytics or deep learning, there’s one language behind the apps and algorithms that power the biggest companies of today: Python. The best part about this tool is that as versatile as it is, it’s actually fairly easy to learn. But mastery? For that, you need more than just a beginners’ […]
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There’s reading for pleasure, and then there’s reading for fuel; absorbing the great ideas in nonfiction books so you can apply them in your own life. In today’s hectic pace, it can be difficult to find the time to do that reading – especially for the entrepreneurs and professionals who can benefit the most from […]