“Property is only another name for monopoly.”

Preface To The Second Edition, p. 29.
The Theory of Political Economy (1871)

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William Stanley Jevons photo
William Stanley Jevons 69
English economist and logician 1835–1882

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Context: While control is needed, and perfectly warranted, our bias should be clear up front: Monopolies are not justified by theory; they should be permitted only when justified by facts. If there is no solid basis for extending a certain monopoly protection, then we should not extend that protection. This does not mean that every copyright must prove its value initially. That would be a far too cumbersome system of control. But it does mean that every system or category of copyright or patent should prove its worth. Before the monopoly should be permitted, there must be reason to believe it will do some good — for society, and not just for monopoly holders.

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“We really need to think quite pragmatically about whether intellectual property is helping or hurting, and if you can't show it's going to help, then there is no reason to issue this government-backed monopoly.”

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Context: Our problem is that lawyers have taught us that there is only one kind of economic market for innovation out there and it is this kind of isolated inventor who comes up with an idea and then needs to be protected. That is a good picture of maybe what pharmaceutical industry does. It's a bad picture of what goes on, for example, in the context of software development, in particular. In the context of software development, where you have sequential and complementary developments, patents create an extraordinarily damaging influence on innovation and on the process of developing and bringing new ideas to market. So the particular mistake that lawyers have compounded is the unwillingness to discriminate among different kinds of innovation.
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