Q: Intellectual property rights are under attack. Could you dwell a little on that?

MF: The question of intellectual property rights is very complicated. Freedom of speech is the opposite of copyright, which means that you can't get copyright rights. And, intellectual property is different from physical property: in both cases, you have a monopoly but the monopoly on intellectual property is wholly different because duplicating the property comes generally at a very low or zero marginal cost. You are enforcing a monopoly pricing, as it were, that limits output to lower than the optimum social level. You cannot be in favor of infinite copyright. Essentially it's a problem of practical compromise, whether you have 17 years, 25 years, 10 years, 50 years.