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Andreas Heinzmann and Valerio Scollo

For those of us who were born in the 1970s and the 1980s, a geographic Europe without a European Economic Area is inconceivable. Our generation has been studying the acquis communautaire together with the constitutional law of the Member State where they attended university. Those who were born in the 1990s, who are entering the legal profession now, have received their pocket money and their first pay cheque in euros. Yet, the Brexit referendum in 2016 has shaken our common beliefs. Is the European Union (EU) a project European citizens need? Is it possible to maintain political stability, peace and prosperity without it? Brexit seemed to represent, at the time, the potential follow-up to Grexit and the forerunner to Italexit. After three years of self-destructive actions by the British government, the firm and united reaction of the rest of Europe has shown the world that the EU is here to stay. Until Brexit, the UK and the English practitioners were at the forefront in interpreting and making the EU financial regulations familiar to market participants. They were the point of reference. Today we still read the EU policies and laws on financial services through the lenses of English law and practice. Yet Brexit has started a process that will likely change the status quo. Brexit pushed and will push more and more practitioners in a post-Brexit EU to challenge themselves, and to find new paradigms.

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Edited by Federico Fabbrini and Marco Ventoruzzo

This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
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Rebecca S. Eisenberg

An anticommons is a fragmented allocation of property rights in which resources are prone to underuse because it is costly to assemble necessary permissions to put resources to use. The more rights holders and the more varied their entitlements, the more challenging it is to avoid waste through bargaining. The patent system continuously creates new rights for new claimants, with limited opportunity to establish consensus valuations as technology changes. Patent aggregation might seem like an effective market solution to the problem of fragmented ownership, yet the rise of patent aggregators seems to have done more to reduce costs of assertion by patent owners than to reduce costs of clearing rights by technology users. The result may be a greater risk of underuse as subsequent innovators need to evaluate and clear more rights that they might otherwise have ignored with little risk of assertion in the absence of aggregation

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Joel Waldfogel

Copyright provides monopoly grants for creators, and these rights have traditionally been protected by a combination of law and technology. Recent technological changes associated with digitization have undermined effective copyright protection by facilitating piracy. At the same time, other aspects of digitization have reduced the cost of bringing new products to market. Despite collapsing revenue to some industries, such as recorded music, the number of new creative products – in music, movies, television, and books - has risen sharply. By many measures, the value of the new products to consumers is also high. Despite the understandable concerns of many in these industries, we are currently experiencing a golden age for new

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Sean A. Pager

Does copyright foster the development of creative industries in developing countries? To answer, this chapter explores case studies from Nigeria, India, and China. It argues that copyright’s decentralized, market-driven incentives and allocative efficiencies offer distinct advantages over alternative models such as state patronage and commons-based development. The chapter emphasizes that copyright need not be embraced as an all-or-nothing proposition. Copyright norms can govern some aspects of creative industry operations, while remaining absent in other domains. Thus, high levels of piracy in developing countries are not necessarily incompatible with copyright. As industries develop, however, copyright’s benefits become more salient, and the logic of formalization exerts a gravitational pull. The chapter also examines the interplay between copyright and cultural diversity. It argues that the causal relationships here are complex and ambiguous. It is far from clear, however, that copyright markets are intrinsically hostile to diversity, and copyright’s absence poses its own set of concerns.

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David L. Schwartz and Ted Sichelman

This chapter provides a roadmap of the principal data sources for the various forms of intellectual property protection. We first explain what data is available about patents, copyrights, trademarks, and other types of intellectual property, and where to find it. Then we identify and analyze data sources specifically relating to intellectual property licensing and litigation—growing areas of research by scholars and lawyers.

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Peter S. Menell

Notice of intellectual property content, ownership, boundaries, scope of rights (and limitations), enforcement institutions, and remedial consequences plays a central role in resource planning and other economic and social functions. This chapter examines the function, design, and economic effects of intellectual property notice and disclosure rules and institutions. Based on this analysis, the chapter offers a comprehensive set of policy, institutional, and litigation reforms.

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Peter S. Menell

The information revolution has brought demand-side effects to the fore of economic activity, business strategy, and intellectual property jurisprudence and policy. Intellectual property doctrines play a central role in harnessing network effects, promoting innovation to overcome excess inertia, and balancing consumer welfare, competition, and innovation. This chapter surveys and integrates the economic, business strategy, and legal literatures relating to network effects and intellectual property. Section I introduces the topic of network effects and provides an overview of this chapter. Section II describes the functioning of network markets. Section III examines the interplay of business strategy, contract, standard setting organizations, intellectual property, and competition policy. Section IV presents three principles for tailoring intellectual property regimes and competition policy for network technologies. Section V traces the evolution of intellectual property protection for network features of systems and platforms. Section VI discusses the interplay of intellectual property protection and competition policy. Section VII assesses the extent to which intellectual property protection and competition policy align with the normative design principles. Section VIII identifies promising areas for future research.

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Keith E. Maskus

This chapter reviews evidence regarding several of the most important relationships between intellectual property rights (IPRs) and economic development. Theoretical analysis generally yields ambiguous predictions, while empirical analysis suffers from the lack of data on key questions. Nonetheless, several interesting findings are discussed. First recent research suggests that patent reforms can expand innovation in emerging countries with sound facilitating conditions. Second, patent reforms in emerging countries have attracted significantly higher inward flows of technology and encouraged the development of export sectors. However, such processes are absent in the poorest countries. Third, simulation models suggest that new patent regimes could raise pharmaceutical prices in developing countries. Recent empirical evidence, however, suggests that this effect may be offset by other factors. Moreover, stronger patent protection induces faster product launches in reforming countries. Thus, the impact of patents on access to medicines in developing economies may not be as negative as often feared.

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Peter S. Menell and Suzanne Scotchmer

This chapter examines economic models of innovation and the ramifications for intellectual property policy. It begins with stand-alone innovation and then introduces cumulative innovation. The analysis explores eligibility requirements, duration and breadth of protection, rights and defenses, remedies, and channeling doctrines. The chapter emphasizes the role of licensing and cumulative innovation.