In the UK there is little if any discussion on Intellectual Property Law. I think it would be correct to say that it would be considered a backwater of law for specialists and of not much relevance to the better running of society . Tucker and Kinsella, in this article, put IP law at the very heart of the advancement of a free society. Most readers of this site will know and understand that private property rights exist only when there are scarce goods, but what of goods where there is no limit to them such as an idea, or a copy of an original bit of digital data? They argue conclusively that these are truly free goods and that there is no ethical, moral or philosophical justification for the coercive restrictions on the use of these free goods. This may well be a challenging read to your commonly perceived views, but well worth a read no less.
As I reflect on this article and what this would mean to wealth creation is that if all IP laws were removed, we would unleash a tsunami of intellectual excellence that has been applied (restricted and protected thus limiting its use) in a proven fashion by entrepreneurs, in technological improvement for example, that would massively benefit more people.
I spend my time explaining to monetarists and underconsumptionist crackpots how wealth is really created:
You can only create wealth in society by entrepreneurs thinking about new ways to mix existing factors of production in better ways, by invariably investing in more intense capitalistic methods of production to produce better more plentiful and cheaper goods and services. No amount of increasing the money unit or taking from existing pools of wealth to spend via the government will create wealth; only entrepreneurs will, by going though this continuous process over time. Government should get as far away from this process as possible by not taxing corporate profits, not taxing wealth transfers from one generation to the next, not trying to “pick winners” via an Industrial Strategy, and not imposing rules and regulations over and above standard common law protections for consumers.
Now I will add “not giving monopoly privilege to creators of technology, ideas and know-how, as this prevents their widespread application; these are unlimited free goods, do not need to be economised, therefore they should not have property rights attached to them.”