Intellectual property is a fiction that we create to encourage innovation. By fiction, I mean that it is contrary to the nature of ideas for them to be limited. Ironically, a system that protects intellectual property discourages innovation: because derivative works are one of many ways to diminish the value of a work, the right to create them must be restricted. The irony of limiting innovation to foster innovation should not be lost; however, without such limitation, innovators could not hope to benefit financially from their inventions. The idea is to strike a balance: limit knock-offs enough to encourage innovation but still allow innovators to build on each other's work.
In an attempt to create such a balance, the Constitution of the United States of America gives congress the right to create laws that give exclusive rights to creators for a limited period of time. The idea is that in that limited period of time, innovators can be rewarded. After the time period elapses, other people may innovate further, improving upon what has already been created.
Read the whole story...
