2.3 Economics of Information Production (Nutshell)

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Copyright, patents and trademarks are often lumped together under the term of intellectual property. This term already implies that intellectual works are analogous to physical property which isn't the case.
  • Information is a nonrival good: It can't be used up, information shared is information doubled.
  • Information is a core-prerequisite to creating new information.
Such exclusive monopoly rights lock information in and prohibit innovation. In a time where the basic tools for information production in form of computers are available to millions of people, the law still favours capital-intensive industries over individuals and small businesses.