This piece reviews Economic and Legal Dimensions, which presents a pragmatic economic theory about the proper remedies in intellectual property cases. The book shows in a number of areas how remedies play a crucial role in defining intellectual property rights, and how to improve the law. The...

This paper uses the work of C.S. Peirce to explore legal reasoning by analogy. Peirce divided reasoning into three basic forms: deduction, induction, and abduction. Deductive reasoning discloses conclusions that necessarily follow from the premises. Inductive reasoning gives support to...

This Article discusses another role for default rules--reducing costs of status competition. Default rules principally serve to reduce transaction costs and strategic behavior costs, but they also accomplish other functions. The hypothetical behavior of parties that measure the costs and...

The first sale doctrine decouples intellectual property and physical property. Suppose, at an auction at Sotheby’s, someone bought a contemporary painting by Chuck Close. The buyer now owns the physical painting, but the copyright to the painting remains with the owner of the copyright—the...