Examining copyright law from the perspective of law and its economic analysis

"Copyright" is a subset of literary and artistic property, and a branch of intellectual property, and refers to any creative endeavor that gives its holder the right to exercise his will in reproducing and benefiting from its material works. The right to copy and publish it is one of the prerequisites and preconditions for enjoying the benefits of the work. Violation of copyright, in addition to depriving its owner of material benefits, destroys the spirit of creativity and shakes the culture of society. This paper will consider questions around the reform of copyright law, and how they are increasingly being framed by the challenges of the digital economy. It discusses the review of copyright and the digital economy being undertaken by the Australian Law Reform Commission, with particular reference to the costs and benefits of copyright law to consumers and creative producers. We argue that there is a pressing need to develop fair copyright rules that encourage investment in the digital economy, allow widespread dissemination of knowledge through society, and support the innovative reuse of copyright works. To better align copyright law with these goals, we recommend that Australia introduce an open ended ‘fair use’ style copyright exception, and encourage the development of a digital copyright exchange of the sort discussed in the UK by the Hargreaves and Hooper Reports.