Jonathan M. Barnett, Cato Institute; The Perils of ‘Free’ Information
"Everyone likes free stuff. But weak IP rights distort innovation ecosystems over the longer term and, in biopharmaceutical markets, would likely induce significant capital flight to other investment opportunities. Author and entrepreneur Stewart Brand, who coined the slogan “information wants to be free,” also observed in the same comments that “information wants to be expensive.” That second quote is critical.
Absent meaningful property rights, stand-alone innovators and creators have limited ability to capture economic value that reflects their contribution to the knowledge ecosystem. This raises the risk of the content and tech pipeline running dry or innovation being confined to a handful of “walled gardens” comprised of integrated networks of products and services.
Far from being a monopoly that suppresses competition, secure IP rights are often a precondition for sustaining the innovators and artists that drive knowledge ecosystems. When information is free, society can pay a high price."
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