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This page contains all of the posts and discussion on MemeStreams referencing the following web page: FRB: Speech, Greenspan--Intellectual property rights--February 27, 2004. You can find discussions on MemeStreams as you surf the web, even if you aren't a MemeStreams member, using the Threads Bookmarklet.

FRB: Speech, Greenspan--Intellectual property rights--February 27, 2004
by Decius at 12:31 am EST, Mar 1, 2004

] More generally, in the realm of physical production,
] where scarce resources are critical inputs, each
] additional unit of output is usually more costly to
] produce than the previous one; that is, production, at
] least eventually, is characterized by increasing marginal
] cost. By contrast, in the realm of conceptual output,
] much of production is characterized by constant, and
] perhaps even zero, marginal cost.

Greenspan raises the idea that intellectual property laws may not be properly fitted. This is awesome. I've been writing about this for years. Most people just don't get it. Now I have a reference that will make people shut up and think.

Alan Greenspan on Intellectual Property Rights
by Jeremy at 2:08 am EST, Mar 2, 2004

If our market system is to function smoothly, the vast majority of trades must rest on mutual trust ...
The shift of emphasis from physical materials to ideas as the core of value creation appears to have accelerated in recent decades.
New ideas almost invariably build on old ideas in ways that are difficult or impossible to trace.
Ideas are at the center of productivity growth.

Understanding the interplay of ideas and economic growth should be an area of active economic analysis.

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