Edward Elgar Publishing Copyright and Economic Theory: Friends or Foes?

Product Description In the past, economists have not always been able to agree on the idea that copyright is an efficient way of protecting cultural intellectual property. Indeed, many economists argue that copyright is not even necessary. In Copyright and Economic Theory a rigorously extensive yet simplified economic theory of copyright piracy is presented, and used to analyse important aspects of intellectual property transactions including the royalty contract, optimal copyright law, and copyright collectives. The author also analyses important areas of discussion in copyright, such as how can it be that a certain degree of piracy is beneficial, not only socially, but also for copyright holders and producers of originals? Are linear royalty contracts optimal? How many copyright collectives should a given economy have? Would a copyright collective prefer to act as a leader or a follower in a Stackelberg duopoly? The book analyses and contrasts existing theories concerning the economic theory of copyright, and presents a simple economic model in which copyright can be effectively studied, considering all principal areas of interest in copyright. This book will be fascinating reading for academics in economics, law and industrial organisation as well as for legal professionals including lawyers, copyright collectives and relevant governmental organisations. Review 'Copyright and Economic Theory is by far the best single source of information on this subject. Containing much original work, the book is a successful synthesis of current scholarship on the economic impacts of such important topical factors as piracy, performing rights societies, optimal royalties and the very purpose of copyright itself. Anyone interested in understanding the current controversies surrounding Napster and the role of copyright in the internet age could not do better than to read this book.' -- Stan Liebowitz, University of Texas, Dallas, US About the Author Richard Watt, Associate Professor of Economics and Finance, University of Canterbury, New Zealand