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Links: New Scholarship: A Dissenting Economic View of Eldred |
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Posted by Steven Wu on Tuesday, January 27 @ 04:02:40 EST
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Professors Stan J. Liebowitz and Stephen Margolis have posted an article entitled Seventeen Famous Economists Weigh in on Copyright: The Role of Theory, Empirics, and Network Effects. The article disputes the claims made by the economists' brief in support of Eldred (and against the Copyright Term Extension Act) in Eldred v. Ashcroft, the Supreme Court case that upheld the CTEA. From the abstract to the article:
First, private ownership of creative works may internalize potentially important externalities with respect to the use of existing works and the creation of derivative works. Second, the Eldred economists neglect the elasticity of the supply of creative works in their analysis, focusing instead solely on the benefits received by authors, leading to potential underestimation of additional creativity that confers benefits immediately. Third, the Eldred economists neglect certain features of copyright law, such as fair use, the distinction between idea and expression, and the parody exemption, which mitigate the costs of copyright. Finally, we present data that counters a common claim that copyright extension so far out in the future can have little effect on creativity. The small fraction of books that have the majority of commercial value when they are new appear to remain valuable for periods of time that are consistent with the expanded term of copyright under CTEA.
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