Lesson #088 - Intellectual Property Rights Are Dumb - Part 3
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LEGAL VIEWS ON IP AND IPR - CONT'D
Existing International Copyright Treaties
They are:
- Berne Convention: signed in 1886, revised many times and ratified by more than 160 countries. Berne establishes minimum standards of protection (types of works protected, duration of protection, scope of exceptions and limitations) as well as the principles of “national treatment” (works originating in one country receive other countries copyright protection) and “automatic protection”.
- WIPO Copyright Treaty:signed…
Lesson #087 - Intellectual Property Rights Are Dumb - Part 2
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MORAL VIEWS ON IP AND IPR
We need to take a look at what moral (religious) rules and regulations say about IPR. This is so, not because morality actually makes any sense whatsoever in terms of a minimum acceptable set of rules for coexistence, but simply because it matters due to the irrationality of people.
In order to get a clearer view, we would have to poll all major religions…
Lesson #086 - Intellectual Property Rights Are Dumb - Part 1
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Today we are going to discuss the issue of Intellectual Property Rights. This is an important issue since our economy is moving towards higher levels of technology, which means, higher levels of know-how. The question posed today is simple: should people be allowed to claim their creations of the mind as a property? In other words, are we OK with Patents and Copyrights? And the answer is: Intellectual Property rights…
Lesson #085 - Austrian Economics In Theory - Part 9
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KEY LESSONS OF AUSTRIAN ECONOMICS – CONT’D
Key Lesson #18: Booms and busts are due to fiat money
Us: One critical observation of Austrian Economics is that wherever there was no government or government impacts in the economy were low, there were no large cycles of boom and bust in it. In other words, the natural tendency of the economy is to grow smoothly with small and short jumps and…
Lesson #084 - Austrian Economics In Theory - Part 8
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KEY LESSONS OF AUSTRIAN ECONOMICS – CONT’D
Key Lesson #15: Interest rate and profits
Us: Interest rates and profits are determined by two elements: supply and demand and time preference. Profits are obtained through the creation and sale of products. Interest rates are obtained through the lending of money (a product). Therefore, they both should be determined by the same elements. The higher the demand, the higher the price I…
Lesson #083 - Austrian Economics In Theory - Part 7
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KEY LESSONS OF AUSTRIAN ECONOMICS – CONT’D
Key Lesson #12: Cost of opportunity
Us: We have seen this topic before in Austrian Economic principles. However, it is so important that it is worth reviewing it again. Cost of opportunity (or Opportunity Cost as economists like to call it), is simply what you lose when you choose to manufacture product A over product B. Actually, it goes far beyond that, it…
Lesson #082 - Austrian Economics In Theory - Part 6
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KEY LESSONS OF AUSTRIAN ECONOMICS – CONT’D
Key Lesson #8: Hidden changes in the amount of money matter
Us: Money is simply a medium of exchange. This is, the intermediary step between what we have and what we want. Money represents potential goods and services. Think of it as a “Jack of All Trades” sort of good. It can be transformed into anything you may want. Therefore, a certain amount…
Lesson #081 - Austrian Economics In Theory - Part 5
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KEY LESSONS OF AUSTRIAN ECONOMICS – CONT’D
Key Lesson #4: Value and costs are subjective
Us: We know that in order to conduct a transaction (e.g. money for a gadget), people assign value to that gadget. If they think that the value is higher than the money they are willing to spend, they buy the gadget. If they decide the opposite, they don’t buy it. It is clear that the…
Lesson #080 - Austrian Economics In Theory - Part 4
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KEY LESSONS OF AUSTRIAN ECONOMICS
So far we have reviewed what Austrian Economics theory is and how it works. Now it is time to review their primary lessons. Some of these lessons will sound familiar since we have discussed them before. This is not a mistake, but by design. The Austrian Economics theory is so powerful indeed, that many of its key lessons are actually its principles! In this section,…
