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20 Rev. Econ. Rsch. on Copyright Issues 1 (2023)

handle is hein.journals/rvwoecrh20 and id is 1 raw text is: Review of Economic Research on Copyright Issues, 2023, vol. 20, pp. 1-10 SOME REMARKS ON BARGAINING POWER, INNOVATION, AND 21ST CENTURY COPYRIGHT LAW ABHINAY MUTHOO ABSTRACT. This short article, which is my Keynote talk from the 2023 SERCI annual congress, explores and discusses some of the main issues and questions that arise when one thinks about the role of copyright. We discuss why it is needed and the relevance of transaction cost. We then explore the question of what the optimal nature of copyright is and how to go about addressing that. We discuss the crucial role of bargaining for copyright policy and optimal copyright. 1. INTRODUCTION In exploring the relationship between asymmetric bargaining power, the speed of inno- vation, and the need for optimal copyright law in the 21st century, we first address the obvious: Why Copyright? The renowned economist Douglass North asserted that institutions are the rules of the game - that is, the humanly devised constraints on behaviour. (North, 1990). Applying this perspective to the realm of intellectual property, particularly copyright, raises pivotal questions about the incentives that drive innovation, creation, and production. Glynn Lunney's insights, as discussed in his talk at this congress Transforming Copyright, further emphasize the transformative potential of copyright in shaping these incentives. At the core of the discussion lies the necessity for creators and innovators to obtain the permission of copyright owners. This prerequisite, while seemingly straightforward, prompts a deeper examination of the underlying dynamics. The allure of incentives to This short article is my Keynote talk at the 2023 SERCI Annual Congress, which took place on 6th & 7th July 2023 in Bournemouth, England, UK. I am extremely grateful to Richard Watt for the invitation, for his support, and for his insightful and helpful comments and suggestions on the first draft of this article. Indeed, I have learnt a great deal from Richard about copyright economics over the past fifteen years or so. I owe him a debt of gratitude. Many thanks to all the delegates at the 2023 Annual Congress for their insightful and interesting comments, searching questions, and remarks.

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