Earlier quoted context omitted.
> Copyright law is not about logically perfect system, but creating a general environment in which artistic, academic and other creations can appear and benefit the general population. Yes ... and because it's not a logically perfect system, its lifetime has to be limited. One day we should abolish copyright and find a better, more functional way to drive progress.
Copyright at its heart is fine. The original objectives, allowing people to hold a short-term monopoly on their ideas, so they can fund further ideas, and the manner in which they’re achieved is perfectly fine. Where goes wrong, is when individuals and cooperation believe that such monopolies should be indefinite, and pushed the monopolies beyond the lifetime of the author. A dead author can’t produce new works, so i…
Anything that has infinite supply and zero marginal costs, as Nobel Prize winning economist Samuelson argues when he was looking at the context through lighthouses[0], should be free to all. By using copyright to make it a monopoly and allowing the extraction of monopoly rents you are drastically reducing the value and reach of the thing that was discovered. Copyright is a hack and this hack is now fundamentally breaking. Instead of trying to save the hack, we need a full rewrite. If winding back the duration of copyright is correct, the best winding back is zero.
As we are a remix culture where idea A and idea B combine to create idea C, we drastically reduce the innovation in our economy through reduced discoveries. This failure ends up with large monopoly holders consolidating into bigger and bigger entities in order to right some of this failure, but that only makes the monopoly extraction worse.
The discoverer should be subsidized for the discovery of that information but it should immediately go to the public domain. How you work out what that works out to is just as abstract as what Spotify works out what each play costs. This is no doubt monstrously complex to figure out the dollar number what some discovery is worth, but it is the economically correct path. Copyright isn't.
[0]: https://courses.cit.cornell.edu/econ335/out/lighthouse.pdf - page 359, first paragraph