Zeroing in on a topic like “intellectual property” offers a chance to clarify fundamental notions in economics generally. You think you understand something like property rights or the nature of competition — you have studied the ideas for years! — and then a challenge comes along that blows everything up. It’s an opportunity. Time to think and think again. Is there really property in ideas and, if so, what rules should govern it? Is it really necessary that such property be protected in order that competition be kept fair and just and efficient? The authors of Against Intellectual Monopoly state … Continue reading Property and Competition