Innovation Contracts

A proposal for re-envisioning intellectual property law.

One of the biggest flaws with intellectual property law today is that it restricts the free market's capacity for creative destruction. This is a problem because creative destruction is the ultimate check against oligopolies which stifle innovation and limit economic growth (via assertion of exclusive intellectual property rights).

Innovation Contracts is a new paradigm which shifts the current intellectual property regime from a property law model of exclusive rights toward contract law which allows for more nuanced and negotiable mutual benefits. One of the primary reasons for re-envisioning creativity and innovation as a contract, between artist/innovator and the public, is that the concept of efficient breach in contract law - that it's acceptable to breach a contract if doing so generates enough economic value to compensate the non-breaching party with a surplus left over - analogizes well with the concept of creative destruction. Hence, Innovation Contracts essentially build a mechanism for creative destruction into our free market system. 

We plan to demonstrate the concept through a sample contract wich covers the subject matter of modern day copyright.

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