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Robert Barber

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Chapter 5: Topics in the Economics of Property Law 1. What can be privately owned? - Distinguish private and public goods to answer question. Private ownership is only appropriate when there is a rivalry for the goods and when it is excludable. Patent, copyright, trademark system all protect intellectual property Information Economics o Innovation causes temporary disequilibrium o Nonappropriability (information cheap to transmit), information becoming increasingly non-rivalrous, non-excludable o Therefore unregulated market will undersupply creative workinnovation and thus four remedies exist Subsidizesupply art and science by state Charitable contributions Trade secrets protection Intellectual property law (patent, copyright, trademark act as temporary monopolies, trademark is permanent monopoly) Int
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