An Introduction to the Law and Economics of Intellectual Property

American Economic Association

An Introduction to the Law and Economics of Intellectual Property Author(s): Stanley M. Besen and Leo J. Raskind Reviewed work(s): Source: The Journal of Economic Perspectives, Vol. 5, No. 1 (Winter, 1991), pp. 3-27 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/1942699 . Accessed: 24/11/2011 08:39
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Journal of Economic Perspectives- Volume Number1- Winter1991-Pages 3-27 5,

An Introduction to the Law and Economics of Intellectual Property
Stanley M. Besen and Leo J. Raskind

A

rticle I, Section 8, of the U.S. Constitution grants to the Congress the

power: "To promote the progress of science and useful arts, by secur*ng for limited times to authors and inventors the exclusive right to their respective writing and discoveries." Under this general grant, the Congress has enacted a number of statutes, including the Copyright Act [17 U.S.C.A. Sec. 101-810], the Patent Act [35 U.S.C.A. Sec. 1-376], and the Semiconductor Chip Protection Act of 1984 [17 U.S.C.A. Sec. 901-914]. In addition, the federal government has enacted the Trademark Act of 1946 ("Lanham Act") as amended [15 U.S.C.A. Sec. 1051-1127] and there is state law regulation of trade secrets and of misappropriation of other information. These six legal regimes constitute

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