Intellectual Property – What Recent Empirical Research Can Tell Us
This lecture is part of Prof. Schäfer's ring lecture "New Frontiers in Law and Economics".
Prof. Ejan Mackaay, University of Montréal, talks about the incentive theory of copyright, which suggests that the stronger the right, the greater the incentive to create original works and the more of them you will see, and vice versa. That idea can be tested in the period 1961-1999 when industry revenues increased fivefold. For the period 1999-2015, with lots of piracy, if the straightforward incentive theory is correct, one would expect a drop in creativity (volume as well as the level of creativity in new music).Back