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Here’s an alternative hypothesis: Insanely long copyright terms are how the culture industries avoid competing with their own back catalogs. Imagine that we still had a copyright term that maxed out at 28 years, the regime the first Americans lived under. The shorter term wouldn’t in itself have much effect on output or incentives to create. But it would mean that, today, every book, song, image, and movie produced before 1984 was freely available to anyone with an Internet connection. Under those conditions, would we be anywhere near as willing to pay a premium for the latest release?

I may never get around to listening to this, but the idea is fantastic. "An article in the May 2010 issue of the magazine The Atlantic critiqued the current generation of young music fans for rampant copyright violation. In a small irony, the illustration used to decorate the article interpolated a detail of a preexisting work that appears to not yet be in the public domain. This notice isn’t intended as a criticism of the illustrator — quite the contrary; the illustration is excellent — but instead of the theoretical foundation of the article, which suggests a clear line between right and wrong where there is, in fact, significant ambiguity. I forwarded Traum’s image, and article it accompanied, to various musicians and asked them if they would record a piece of music that took Traum’s picture literally: use it as a score.”

How the two astronomical numbers most often thrown out by the intellectual property lobby are utterly bogus. Interesting: "When someone torrents a $12 album that they would have otherwise purchased, the record industry loses $12, to be sure. But that doesn't mean that $12 has magically vanished from the economy. On the contrary: someone has gotten the value of the album and still has $12 to spend somewhere else."