Intellectual property law was not designed to protect ideas. It was designed to make investing in ideas worth the risk. The entire edifice of modern IP law rests on a single economic premise: that innovation is expensive and imitation is cheap, and therefore innovators need temporary monopoly rights to recoup their investment. This was a defensible premise in a world of pharmaceutical R&D, semiconductor fabrication, and Hollywood film production — industries where the upfront cost of creation is enormous and the marginal cost of copying is near-zero.
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