186-482: The copyright law of the United States grants monopoly protection for "original works of authorship". With the stated purpose to promote art and culture , copyright law assigns a set of exclusive rights to authors: to make and sell copies of their works, to create derivative works, and to perform or display their works publicly. These exclusive rights are subject to a time and generally expire 70 years after
372-408: A Bachelor of Laws in 1896 at the age of 24. He returned to Albany to live with his mother and aunt and started work for the law firm in which an uncle, Matthew Hale , was a partner . Hale's unexpected death a few months later obliged Hand to move to a new firm, but, by 1899, he had become a partner. He had difficulty attracting his own clients and found the work trivial and dull. Much of his time
558-485: A Dartmouth College professor. Frances Hand spent increasing amounts of time with Dow while her husband was in New York, and tension crept into the marriage. Despite speculation, there is no evidence that she and Dow were lovers. Hand regretted Frances' long absences and urged her to spend more time with him, but he maintained an enduring friendship with Dow. He blamed himself for a lack of insight into his wife's needs in
744-405: A " de jure monopoly") is a form of coercive monopoly , in which a government grants exclusive privilege to a private individual or company to be the sole provider of a commodity. Monopoly may be granted explicitly, as when potential competitors are excluded from the market by a specific law , or implicitly, such as when the requirements of an administrative regulation can only be fulfilled by
930-486: A "pictorial, graphic, or sculptural feature" incorporated into a useful article is eligible for copyright protection, holding that such features are eligible for copyright protection "only if the feature (1) can be perceived as a two- or three-dimensional work of art separate from the useful article and (2) would qualify as a protectable pictorial, graphic, or sculptural work—either on its own or fixed in some other tangible medium of expression—if it were imagined separately from
1116-474: A February 1944 correspondence with Frankfurter, Hand expressed a low opinion of Roosevelt's new appointees, referring to Justice Hugo Black , Justice Douglas, and Justice Frank Murphy as "Hillbilly Hugo, Good Old Bill, and Jesus lover of my Soul". Deeply disappointed at the time, Hand later regretted his ambition: "It was the importance, the power, the trappings of the God damn thing that really drew me on." Hand
1302-509: A PC market are price takers. The price is set by the interaction of demand and supply at the market or aggregate level. Individual companies simply take the price determined by the market and produce that quantity of output that maximizes the company's profits. If a PC company attempted to increase prices above the market level all its customers would abandon the company and purchase at the market price from other companies. A monopoly has considerable although not unlimited market power. A monopoly has
1488-739: A boarding pass before boarding an airplane. Most travelers assume that this practice is strictly a matter of security. However, a primary purpose in requesting photographic identification is to confirm that the ticket purchaser is the person about to board the airplane and not someone who has repurchased the ticket from a discount buyer. The inability to prevent resale is the largest obstacle to successful price discrimination. Companies have, however, developed numerous methods to prevent resale. For example, universities require that students show identification before entering sporting events. Governments may make it illegal to resell tickets or products. In Boston, Red Sox baseball tickets can only be resold legally to
1674-598: A company cannot charge more than the market price. Any market structure characterized by a downward sloping demand curve has market power – monopoly, monopolistic competition and oligopoly. The only market structure that has no market power is perfect competition. A company wishing to practice price discrimination must be able to prevent middlemen or brokers from acquiring the consumer surplus for themselves. The company accomplishes this by preventing or limiting resale. Many methods are used to prevent resale. For instance, persons are required to show photographic identification and
1860-426: A consumer's tax return has information that can be used to charge customers based on an estimate of their ability to pay. In second degree price discrimination or quantity discrimination customers are charged different prices based on how much they buy. There is a single price schedule for all consumers but the prices vary depending on the quantity of the good bought. The theory of second degree price discrimination
2046-438: A consumer's willingness to pay is rarely available. Sellers tend to rely on secondary information such as where a person lives (postal codes); for example, catalog retailers can use mail high-priced catalogs to high-income postal codes. First degree price discrimination most frequently occurs in regard to professional services or in transactions involving direct buyer-seller negotiations. For example, an accountant who has prepared
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#17327718909972232-409: A copyright has the exclusive right to do and authorize others to do the following: A violation of any of the exclusive rights of the copyright holder is a copyright infringement , unless fair use (or a similar affirmative defense) applies. The initial owner of the copyright to a work is the author, unless that work is a "work made for hire". If a work is not a work for hire, then the author will be
2418-489: A copyright, can terminate the transfer under certain circumstances. This right to terminate the transfer is absolute and cannot be waived. For works published before 1978, copyrights may revert to the author after 56 years. For example, Paul McCartney reclaimed the U.S. publishing rights to early Beatles songs from Sony Music Publishing , beginning in October 2018. For works published since 1978, copyrights may revert to
2604-549: A customer's willingness to buy a good is difficult. Asking consumers directly is fruitless: consumers do not know, and to the extent they do they are reluctant to share that information with marketers. The two main methods for determining willingness to buy are observation of personal characteristics and consumer actions. As noted information about where a person lives (postal codes), how the person dresses, what kind of car he or she drives, occupation, and income and spending patterns can be helpful in classifying. The price of monopoly
2790-492: A different price. Third degree price discrimination is the most prevalent type. There are three conditions that must be present for a company to engage in successful price discrimination. First, the company must have market power. Second, the company must be able to sort customers according to their willingness to pay for the good. Third, the firm must be able to prevent resell. A company must have some degree of market power to practice price discrimination. Without market power
2976-537: A dominant position or a monopoly in a market is often not illegal in itself; however, certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly , by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group . Patents , copyrights , and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve
3162-400: A few entities have market power and therefore interact with their customers (monopoly or oligopoly), or suppliers (monopsony) in ways that distort the market. Monopolies can be formed by mergers and integrations, form naturally , or be established by a government. In many jurisdictions, competition laws restrict monopolies due to government concerns over potential adverse effects. Holding
3348-424: A given product or service. If there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a "pure monopoly". Sometimes, there are many sellers in an industry or there exist many close substitutes for the goods being produced, but nevertheless, companies retain some market power. This is termed "monopolistic competition", whereas in an oligopoly ,
3534-491: A government employee acting within the course of his or her official duties. The Supreme Court has also ruled that annotated versions of statutes or court decisions at the federal, state, and local level, when such annotations are done by members of the government as part of their duties, are ineligible for copyright in Georgia v. Public.Resource.Org, Inc. (2020). There are six basic rights protected by copyright. The owner of
3720-409: A high rate of return or monopoly prices and might represent risk premiums . Monopolies derive their market power from barriers to entry – circumstances that prevent or greatly impede a potential competitor's ability to compete in a market. There are three major types of barriers to entry: economic, legal, and deliberate. In addition to barriers to entry and competition, barriers to exit may be
3906-433: A higher price than P ∗ {\displaystyle P^{*}} and those who will not pay P ∗ {\displaystyle P^{*}} but would buy at a lower price. A price discrimination strategy is to charge less price sensitive buyers a higher price and the more price sensitive buyers a lower price. Thus additional revenue is generated from two sources. The basic problem
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#17327718909974092-779: A hindrance at law school than it had as an undergraduate. He was elected to the Pow-Wow Club, in which law students practiced their skills in moot courts . He was also chosen as an editor of the Harvard Law Review , although he resigned in 1894 because it took too much time from his studies. During the 1890s, Harvard Law School was pioneering the casebook method of teaching introduced by Dean Christopher Langdell . Apart from Langdell, Hand's professors included Samuel Williston , John Chipman Gray , and James Barr Ames . Hand preferred those teachers who valued common sense and fairness, and ventured beyond casebook study into
4278-646: A lawyer in 1899, he ceased using the name "Billings"—calling it "pompous"—and ultimately took on the nickname "B". Hand spent two years at a small primary school before transferring at the age of seven to The Albany Academy , which he attended for the next 10 years. He never enjoyed the Academy's uninspired teaching or its narrow curriculum, which focused on Ancient Greek and Latin , with few courses in English, history, science, or modern languages. Socially, he considered himself an outsider, rarely enjoying recesses or
4464-567: A liberal stood against him. He was passed over in favor of Martin T. Manton . In the final months of the war, Hand increasingly supported President Woodrow Wilson's post-war foreign policy objectives. He believed the United States should endorse the League of Nations and the Treaty of Versailles , despite their flaws. This position estranged him from Croly and others at The New Republic , who vehemently rejected both. Alienated from his old circle on
4650-515: A market and what does not are relevant distinctions to make in economic analysis. In a general equilibrium context, a good is a specific concept including geographical and time-related characteristics. Most studies of market structure relax a little their definition of a good, allowing for more flexibility in the identification of substitute goods. A monopoly has at least one of these five characteristics: Market power can be estimated with Lerner index . High profit margins might not correspond to
4836-489: A matter of longstanding public policy, the U.S. Copyright Office will not register a government edict that has been issued by any state, local, or territorial government, including legislative enactments, judicial decisions, administrative rulings, public ordinances, or similar types of official legal materials. Likewise, the Office will not register a government edict issued by any foreign government or any translation prepared by
5022-416: A maximum value then continuously decreases until total revenue is again zero. Total revenue has its maximum value when the slope of the total revenue function is zero. The slope of the total revenue function is marginal revenue. So the revenue maximizing quantity and price occur when MR = 0 {\displaystyle {\text{MR}}=0} . For example, assume that the monopoly's demand function
5208-410: A monopolist to increase its profit by charging higher prices for identical goods to those who are willing or able to pay more. For example, most economic textbooks cost more in the United States than in developing countries like Ethiopia . In this case, the publisher is using its government-granted copyright monopoly to price discriminate between the generally wealthier American economics students and
5394-454: A monopoly is that the monopoly has a downward-sloping demand curve rather than the "perceived" perfectly elastic curve of the PC company. Practically all the variations mentioned above relate to this fact. If there is a downward-sloping demand curve then by necessity there is a distinct marginal revenue curve. The implications of this fact are best made manifest with a linear demand curve. Assume that
5580-509: A monopoly. Often, a natural monopoly is the outcome of an initial rivalry between several competitors. An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies. A natural monopoly suffers from the same inefficiencies as any other monopoly. Left to its own devices, a profit-seeking natural monopoly will produce where marginal revenue equals marginal costs. Regulation of natural monopolies
5766-447: A more elastic demand for movies than do young adults because they generally have more free time. Thus theaters will offer discount tickets to seniors. Assume that by a uniform pricing system the monopolist would sell five units at a price of $ 10 per unit. Assume that his marginal cost is $ 5 per unit. Total revenue would be $ 50, total costs would be $ 25 and profits would be $ 25. If the monopolist practiced price discrimination he would sell
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5952-496: A more price inelastic demand and a relatively lesser price to the group with a more elastic demand. Examples of third degree price discrimination abound. Airlines charge higher prices to business travelers than to vacation travelers. The reasoning is that the demand curve for a vacation traveler is relatively elastic while the demand curve for a business traveler is relatively inelastic. Any determinant of price elasticity of demand can be used to segment markets. For example, seniors have
6138-486: A move to bar five elected Socialist Party legislators from taking their seats. In 1922, Hand privately objected to a proposed limit on the number of Jewish students admitted to Harvard College. "If we are to have in this country racial divisions like those in Europe," he wrote, "let us close up shop now". In public, Hand discussed issues of democracy, free speech, and toleration only in general terms. This discretion, plus
6324-421: A perfectly elastic demand curve meaning that total revenue is proportional to output. Thus the total revenue curve for a competitive company is a ray with a slope equal to the market price. A competitive company can sell all the output it desires at the market price. For a monopoly to increase sales it must reduce price. Thus the total revenue curve for a monopoly is a parabola that begins at the origin and reaches
6510-477: A price increase, price elasticity tends to increase, and in the optimum case above it will be greater than one for most customers. A company maximizes profit by selling where marginal revenue equals marginal cost. A company that does not engage in price discrimination will charge the profit maximizing price, P ∗ {\displaystyle P^{*}} , to all its customers. In such circumstances there are customers who would be willing to pay
6696-482: A prominent family with a tradition of activism in the Democratic Party . Hand grew up in comfortable circumstances. The family had an "almost hereditary" attachment to the legal profession and has been described as "the most distinguished legal family in northern New York". Samuel Hand was an appellate lawyer, who had risen rapidly through the ranks of an Albany-based law firm in the 1860s and, by age 32,
6882-493: A relatively undistinguished career as a lawyer in Albany and New York City, he was appointed at the age of 37 as a Manhattan federal district judge in 1909. The profession suited his detached and open-minded temperament, and his decisions soon won him a reputation for craftsmanship and authority. Between 1909 and 1914, under the influence of Herbert Croly 's social theories, Hand supported New Nationalism . He ran unsuccessfully as
7068-454: A result, older sound recordings were not subject to the expiration rules that applied to contemporary visual works. Although these could have entered the public domain as a result of government authorship or formal grant by the owner, the practical effect was to render public domain audio virtually nonexistent. Monopoly A monopoly (from Greek μόνος , mónos , 'single, alone' and πωλεῖν , pōleîn , 'to sell')
7254-400: A seminal English decision of 1868, Regina v. Hicklin . In his opinion, Hand recommended updating the law, arguing that the obscenity rule should not simply protect the most susceptible readers but should reflect community standards : It seems hardly likely that we are even to-day so lukewarm in our interest in letters or serious discussion as to be content to reduce our treatment of sex to
7440-515: A series of impressive speaking engagements, won him the respect of legal scholars and journalists, and by 1930 he was viewed as a serious candidate for a seat on the Supreme Court. His friend Felix Frankfurter , then a Harvard Law School professor, was among those lobbying hard for Hand's appointment. President Herbert Hoover chose to bypass him, possibly for political reasons, and appointed Charles Evans Hughes , who had previously served on
7626-468: A short address in Central Park that struck a popular chord in its appeal for tolerance. During a period when a hysterical fear of subversion divided the nation, Hand was viewed as a liberal defender of civil liberties . A collection of Hand's papers and addresses, published in 1952 as The Spirit of Liberty , sold well and won him new admirers. Even after he criticized the civil-rights activism of
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7812-424: A single agent or entrepreneur, the optimal decision is to equate the marginal cost and marginal revenue of production. Nonetheless, a pure monopoly can – unlike a competitive company – alter the market price for its own convenience: a decrease of production results in a higher price. In the economics' jargon, it is said that pure monopolies have "a downward-sloping demand". An important consequence of such behaviour
7998-473: A single market player, or through some other legal or procedural mechanism, such as patents , trademarks , and copyright . These monopolies can also be the result of "rent-seeking" behavior, where firms will try to get the prize of having a monopoly, and the increase of profits in acquiring one from a competitive market in their sector. Learned Hand Billings Learned Hand ( / ˈ l ɜːr n ɪ d / LURN -id ; January 27, 1872 – August 18, 1961)
8184-482: A source of market power. Barriers to exit are market conditions that make it difficult or expensive for a company to end its involvement with a market. High liquidation costs are a primary barrier to exiting. Market exit and shutdown are sometimes separate events. The decision of whether to shut down or operate is not affected by exit barriers. A company will shut down if the price falls below minimum average variable costs. While monopoly and perfect competition represent
8370-497: A student literary magazine. Hand's studious ways resulted in his election to Phi Beta Kappa , an elite society of scholarly students. He graduated with highest honors, was awarded an Artium Magister degree as well as an Artium Baccalaureus degree, and was chosen by his classmates to deliver the Class Day oration at the 1893 commencement. Family tradition and expectation suggested that he would study law after graduation. For
8556-402: A substitute. Contrary to common misconception , monopolists do not try to sell items for the highest possible price, nor do they try to maximize profit per unit, but rather they try to maximize total profit. A natural monopoly is an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs. A natural monopoly occurs where
8742-530: A while, he seriously considered post-graduate work in philosophy, but he received no encouragement from his family or philosophy professors. Doubting himself, he "drifted" toward law. Hand's three years at Harvard Law School were intellectually and socially stimulating. In his second year, he moved into a boarding house with a group of fellow law students who were to become close friends. They studied hard and enjoyed discussing philosophy and literature and telling bawdy tales. Hand's learned reputation proved less of
8928-406: Is P = 50 − 2 Q {\displaystyle P=50-2Q} . The total revenue function would be TR = 50 Q − 2 Q 2 {\displaystyle {\text{TR}}=50Q-2Q^{2}} and marginal revenue would be 50 − 4 Q {\displaystyle 50-4Q} . Setting marginal revenue equal to zero we have So
9114-502: Is a consumer is willing to buy only a certain quantity of a good at a given price. Companies know that consumer's willingness to buy decreases as more units are purchased. The task for the seller is to identify these price points and to reduce the price once one is reached in the hope that a reduced price will trigger additional purchases from the consumer. For example, sell in unit blocks rather than individual units. In third degree price discrimination or multi-market price discrimination
9300-404: Is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic competition to produce a particular thing, a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit . The verb monopolise or monopolize refers to
9486-400: Is a theoretical construct, advances in information technology and micromarketing may bring it closer to the realm of possibility. Partial price discrimination can cause some customers who are inappropriately pooled with high price customers to be excluded from the market. For example, a poor student in the U.S. might be excluded from purchasing an economics textbook at the U.S. price, which
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#17327718909979672-544: Is an article having an intrinsic utilitarian function that is not merely to portray the appearance of the article or to convey information. An article that is normally a part of a useful article is considered a "useful article". "the design of a useful article, as defined in this section, shall be considered a pictorial, graphic, or sculptural work only if, and only to the extent that, such design incorporates pictorial, graphic, or sculptural features that can be identified separately from, and are capable of existing independently of,
9858-675: Is available to both published and unpublished works. Copyright law includes the following types of works: Copyright law protects the "expression" of an idea, but copyright does not protect the "idea" itself. This distinction is called the idea–expression dichotomy . The distinction between "idea" and "expression" is fundamental to copyright law. From the Copyright Act of 1976 ( 17 U.S.C. § 102 ): In no case does copyright protection for an original work of authorship extend to any idea, procedure, process, system, method of operation, concept, principle, or discovery, regardless of
10044-681: Is defined by the total gains from trade, the monopoly setting is less efficient than perfect competition. It is often argued that monopolies tend to become less efficient and less innovative over time, becoming "complacent", because they do not have to be efficient or innovative to compete in the marketplace. Sometimes this very loss of psychological efficiency can increase a potential competitor's value enough to overcome market entry barriers, or provide incentive for research and investment into new alternatives. The theory of contestable markets argues that in some circumstances (private) monopolies are forced to behave as if there were competition because of
10230-417: Is important information for one to remember when considering the monopoly model diagram (and its associated conclusions) displayed here. The result that monopoly prices are higher, and production output lesser, than a competitive company follow from a requirement that the monopoly not charge different prices for different customers. That is, the monopoly is restricted from engaging in price discrimination (this
10416-401: Is known as the "revolution in monopoly theory". A monopolist can extract only one premium, and getting into complementary markets does not pay. That is, the total profits a monopolist could earn if it sought to leverage its monopoly in one market by monopolizing a complementary market are equal to the extra profits it could earn anyway by charging more for the monopoly product itself. However,
10602-400: Is not perfect. Regulators must estimate average costs. Companies have a reduced incentive to lower costs. Regulation of this type has not been limited to natural monopolies. Average-cost pricing does also have some disadvantages. By setting price equal to the intersection of the demand curve and the average total cost curve, the firm's output is allocatively inefficient as the price is less than
10788-400: Is problematic. Fragmenting such monopolies is by definition inefficient. The most frequently used methods dealing with natural monopolies are government regulations and public ownership. Government regulation generally consists of regulatory commissions charged with the principal duty of setting prices. Natural monopolies are synonymous with what is called "single-unit enterprise", a term which
10974-421: Is restricted for commercial uses. Federal, state, and local statutes and court decisions are in the public domain and are ineligible for copyright, a concept known as the government edicts doctrine. It is not difficult to see the motivations behind this: The citizens are the authors of the law, and therefore its owners, regardless of who actually drafts the provisions, because the law derives its authority from
11160-501: Is some "creative" or "original" act involved in developing the compilation, such as in the selection (deciding which facts to include or exclude) and arrangement (how facts are displayed and in what order). Copyright protection in compilations is limited to the selection and arrangement of facts , not to the facts themselves. The Supreme Court decision in Feist Publications, Inc., v. Rural Telephone Service Co. clarified
11346-537: Is sought. Deposits can be made through the Copyright Office's eCO System. This deposit requirement serves two purposes. First, if a copyright infringement lawsuit arises, the owner may prove that the material that is infringed is exactly the same material for which the owner has secured a registration. Second, this requirement helps the Library of Congress build its collection of works. Failure to comply with
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#173277189099711532-448: Is termed first degree price discrimination , such that all customers are charged the same amount). If the monopoly were permitted to charge individualised prices (this is termed third degree price discrimination ), the quantity produced, and the price charged to the marginal customer, would be identical to that of a competitive company, thus eliminating the deadweight loss ; however, all gains from trade (social welfare) would accrue to
11718-621: Is that typically a monopoly selects a higher price and lesser quantity of output than a price-taking company; again, less is available at a higher price. A monopoly chooses that price that maximizes the difference between total revenue and total cost. The basic markup rule (as measured by the Lerner index ) can be expressed as P − M C P = − 1 E d {\displaystyle {\frac {P-MC}{P}}={\frac {-1}{E_{d}}}} , where E d {\displaystyle E_{d}}
11904-560: Is the only market form in which price discrimination would be impossible (a perfectly competitive company has a perfectly elastic demand curve and has no market power). There are three forms of price discrimination. First degree price discrimination charges each consumer the maximum price the consumer is willing to pay. Second degree price discrimination involves quantity discounts. Third degree price discrimination involves grouping consumers according to willingness to pay as measured by their price elasticities of demand and charging each group
12090-535: Is the price elasticity of demand the firm faces. The markup rules indicate that the ratio between profit margin and the price is inversely proportional to the price elasticity of demand. The implication of the rule is that the more elastic the demand for the product the less pricing power the monopoly has. Market power is the ability to increase the product's price above marginal cost without losing all customers. Perfectly competitive (PC) companies have zero market power when it comes to setting prices. All companies of
12276-517: Is to identify customers by their willingness to pay. The purpose of price discrimination is to transfer consumer surplus to the producer. Consumer surplus is the difference between the value of a good to a consumer and the price the consumer must pay in the market to purchase it. Price discrimination is not limited to monopolies. Market power is a company's ability to increase prices without losing all its customers. Any company that has market power can engage in price discrimination. Perfect competition
12462-441: Is upon every occasion the highest which can be got. The natural price, or the price of free competition, on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together. The one is upon every occasion the highest which can be squeezed out of the buyers, or which it is supposed they will consent to give; the other is the lowest which the sellers can commonly afford to take, and at
12648-627: The 1916 presidential election dealt the party its death blow. Hand had already turned to an alternative political outlet in Herbert Croly's The New Republic , a liberal magazine which he had helped launch in 1914. Hand wrote a series of unsigned articles for the magazine on issues of social reform and judicial power; his only signed article was "The Hope of the Minimum Wage", published in November 1916, which called for laws to protect
12834-588: The Copyright Act of 1976 to "Either 75 years or the life of the author plus 50 years" and the Sonny Bono Copyright Term Extension Act of 1998 (also called the "Mickey Mouse Protection Act", because it prevented the copyright from expiring on the first commercial success of the Disney cartoon character Mickey Mouse ), which increased it even more, to 95 years after publication (120 years after creation for unpublished works), or
13020-657: The Copyright Clause . Under the Copyright Clause, Congress has the power "To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries." The United States Copyright Office handles copyright registration, recording of copyright transfers , and other administrative aspects of copyright law. United States copyright law traces its lineage back to
13206-565: The Glee Club and the football team; for a time he rowed as a substitute for the rowing club. He later described himself as a "serious boy", a hard worker who did not smoke, drink, or consort with prostitutes. He mixed more in his sophomore and senior years. He became a member of the Hasty Pudding Club and appeared as a blond-wigged chorus girl in the 1892 student musical. He was also elected president of The Harvard Advocate ,
13392-532: The House Un-American Activities Committee or "Dies Committee", for example, had aroused his fears with an investigation into "subversive activities" by government workers. Hand's contemporary at Harvard College, Robert Morss Lovett , was one of those accused, and Hand spoke out on his behalf. As the end of the war approached, there was much talk of international peace organizations and courts to prevent future conflict, but Hand
13578-628: The Library of Congress that he had learned as a boy from Civil War veterans in Elizabethtown. After his father's death, he felt more pressure from his mother to excel academically. He finished near the top of his class and was accepted into Harvard College . His classmates—who opted for schools such as Williams and Yale —thought it as a "stuckup, snobbish school". Hand enrolled at Harvard College in 1889, initially focusing on classical studies and mathematics as advised by his late father. At
13764-586: The National Industrial Recovery Act did not apply to the Schechter Poultry Corporation, which traded solely within the state. "The line is no doubt in the end arbitrary," Hand wrote in a memorandum, "but we have got to draw it, because without it Congress can take over all the government." The Supreme Court later affirmed Hand's decision. Hand became an acknowledged expert on New Deal statutes. He relished
13950-704: The Progressive Party 's candidate for chief judge of the New York Court of Appeals in 1913, but withdrew from active politics shortly afterwards. In 1924, President Calvin Coolidge elevated Hand to the Court of Appeals for the Second Circuit, which he went on to lead as the senior circuit judge (later retitled chief judge) from 1939 until his semi-retirement in 1951. Scholars have recognized
14136-521: The Supreme Court of the United States than any other lower-court judge. Billings Learned Hand was born on January 27, 1872, in Albany , New York, the second and last child of Samuel Hand (1833–1886) and Lydia Hand (née Learned). His mother's family traditionally used surnames as given names; Hand was named for a maternal uncle and a grandfather, both named Billings Peck Learned. The Hands were
14322-474: The Warren Court , Hand retained his popularity. Hand is also remembered as a pioneer of modern approaches to statutory interpretation. His decisions in specialist fields—such as patents , torts , admiralty law , and antitrust law —set lasting standards for craftsmanship and clarity. On constitutional matters, he was both a political progressive and an advocate of judicial restraint . He believed in
14508-602: The primaries and polls, the Republicans renominated the incumbent President Taft. A furious Roosevelt bolted from the party to form the Progressive Party, nicknamed the "Bull Moose" movement. Most Republican progressives followed him, including Hand. The splitting of the Republican vote harmed both Roosevelt's and Taft's chances of winning the 1912 presidential election . As Hand expected, Roosevelt lost to
14694-427: The process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises . Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have
14880-631: The "militant imperialism" of the Spanish–American War , he approved of the "amorphous mixture of socialism and laisser faire [ sic ]" in Roosevelt's campaign speeches. Hand caused further family controversy by registering as a Republican for the presidential election of 1900 . Life and work in Albany no longer fulfilled him; he began applying for jobs in New York City, despite family pressure against moving. After reaching
15066-548: The British Statute of Anne , which influenced the first U.S. federal copyright law, the Copyright Act of 1790 . The length of copyright established by the Founding Fathers was 14 years, plus the ability to renew it one time, for 14 more. 40 years later , the initial term was changed to 28 years. It was not until a full 180 years after its establishment that it was significantly extended beyond that, through
15252-462: The Court for six years before resigning to become the Republican nominee for President in 1916, as Chief Justice . With Hughes and another New Yorker, Harlan Fiske Stone , on the Court, the promotion of a third New Yorker was then seen as impossible. Hand had voted for Hoover in 1928, and he did so again in 1932; but in 1936, he voted for the Democrats and Franklin D. Roosevelt as a reaction to
15438-736: The Democratic Party's Woodrow Wilson , though he polled more votes than Taft. Hand took the defeat in his stride. He considered the election merely as a first step in a reform campaign for "real national democracy". Though he had limited his public involvement in the election campaign, he now took part in planning a party structure. He also accepted the Progressive nomination for chief judge of New York Court of Appeals, then an elective position, in September 1913. He refused to campaign, and later admitted that "the thought of harassing
15624-438: The Progressive Party, Hand had withdrawn from party politics. He committed himself to public impartiality, despite his strong views on political issues. He remained a strong supporter of freedom of speech, and any sign of the "merry sport of Red-baiting" troubled him. In 1920, for example, he wrote in support of New York Governor Al Smith 's veto of the anti-sedition Lusk Bills . The New York Assembly had approved these bills in
15810-483: The Second Circuit under Hand as one of the finest appeals courts in American history. Friends and admirers often lobbied for Hand's promotion to the Supreme Court, but circumstances and his political past conspired against his appointment. Hand possessed a gift for the English language, and his writings are admired as legal literature. He rose to fame outside the legal profession in 1944 during World War II after giving
15996-410: The Second Circuit with his engagement in political issues. In 1947, he voiced his opposition to a proposed "group libel" statute that would have banned defamation of racial or minority groups. He argued that such a law would imply that intolerance could base itself upon evidence. The effect of the proposed prosecutions, he said, would be "rather to exacerbate than to assuage the feelings which lie behind
16182-478: The Second Circuit. It was a sign of Hand's increased stature that figures such as Coolidge and Chief Justice William Howard Taft now endorsed him. Coolidge sought to add new blood to a senior judiciary that was seen as corrupt and inefficient. In 1926 and 1927, the Second Circuit was strengthened by the appointments of Thomas Walter Swan and Hand's cousin Augustus Noble Hand . After the demise of
16368-498: The Supreme Court and pack it with New Dealers. Hand was increasingly called upon to judge cases arising from the flood of New Deal legislation. The line between central government authority and local legislation particularly tested his powers of judgment. In 1935, the case of United States v. Schechter came before the Second Circuit. Hand and his two colleagues had to judge whether a New York poultry firm had contravened New Deal legislation on unfair trade practices. They ruled that
16554-495: The US Copyright Office's website. The Copyright Office reviews applications for obvious errors or lack of copyrightable subject matter and then issues a certificate of registration. The Copyright Office does not compare the author's new work against a collection of existing works or otherwise check for infringement. The United States Copyright Office requires a deposit copy of the work for which copyright registration
16740-512: The United States before 1929 are in the public domain ; works created but not published or copyrighted before January 1, 1978, may be protected until 2047. For works that received their copyright before 1978, a renewal had to be filed in the work's 28th year with the Copyright Office for its term of protection to be extended. The need for renewal was eliminated by the Copyright Renewal Act of 1992 , but works that had already entered
16926-632: The age of 30 without developing a serious interest in a woman, Hand thought he was destined for bachelorhood. But, during a 1901 summer holiday in the Québec resort of La Malbaie , he met 25-year-old Frances Fincke, a graduate of Bryn Mawr College . Though indecisive in most matters, he waited only a few weeks before proposing. The more cautious Fincke postponed her answer for almost a year, while Hand wrote to and occasionally saw her. He also began to look more seriously for work in New York City. The next summer, both Hand and Fincke returned to La Malbaie, and at
17112-582: The area of free speech . A frequently cited 1913 decision is United States v. Kennerley , an obscenity case concerning Daniel Carson Goodman 's Hagar Revelly , a social-hygiene novel about the "wiles of vice," which had caught the attention of the New York Society for the Suppression of Vice . Hand allowed the case to go forward on the basis of the Hicklin test , which stemmed back to
17298-539: The author's death or 95 years after publication. In the United States, works published before January 1, 1929, are in the public domain. United States copyright law was last generally revised by the Copyright Act of 1976 , codified in Title 17 of the United States Code . The United States Constitution explicitly grants Congress the power to create copyright law under Article 1, Section 8, Clause 8, known as
17484-403: The average cost of production "declines throughout the relevant range of product demand". The relevant range of product demand is where the average cost curve is below the demand curve. When this situation occurs, it is always more efficient for one large company to supply the market than multiple smaller companies; in fact, absent government intervention in such markets, will naturally evolve into
17670-493: The ban, and the case came before Judge Hand. In July 1917, he ruled that the journal should not be barred from distribution through the mail. Though The Masses supported those who refused to serve in the forces, its text did not, in Hand's view, tell readers that they must violate the law. Hand argued that suspect material should be judged on what he called an "incitement test": only if its language directly urged readers to violate
17856-467: The case that at the profit-maximizing quantity MR and MC are less than price, which further implies that a monopoly produces less quantity at a higher price than if the market were perfectly competitive. The fact that a monopoly has a downward-sloping demand curve means that the relationship between total revenue and output for a monopoly is much different from that of competitive companies. Total revenue equals price times quantity. A competitive company has
18042-434: The challenge of interpreting such legislation, calling it "an act of creative imagination". In a 1933 broadcast, he explained the balancing act required of a judge in interpreting statutes: On the one hand he must not enforce whatever he thinks best; he must leave that to the common will expressed by the government. On the other, he must try as best he can to put into concrete form what that will is, not by slavishly following
18228-539: The circumstances. Transfers of copyright always involve one or more of the exclusive rights of copyright. For instance, a license may provide a right to perform a work, but not to reproduce it or to prepare a derivative work (adaptation right). The terms of the license are governed by the applicable contract law; however, there is substantial academic debate about to what extent the Copyright Act preempts state contract law principles. An author, after transferring
18414-558: The companies interact strategically. In general, the main results from this theory compare the price-fixing methods across market structures, analyze the effect of a certain structure on welfare, and vary technological or demand assumptions in order to assess the consequences for an abstract model of society. Most economic textbooks follow the practice of carefully explaining the "perfect competition" model, mainly because this helps to understand departures from it (the so-called "imperfect competition" models). The boundaries of what constitutes
18600-512: The consent of the public, expressed through the democratic process. Three key Supreme Court cases established this government edicts doctrine: Wheaton v. Peters (1834), Banks v. Manchester (1888), and Callaghan v. Myers (1888). The doctrine was codified into the United States Code at 17 U.S.C. § 105 via the Copyright Act of 1976 . The Copyright Office upholds this doctrine within its own regulations: As
18786-531: The country joined the war, Congress had enacted an Espionage Act that made it a federal crime to hinder the war effort. The first test of the new law came two weeks later when the postmaster of New York City refused to deliver the August issue of The Masses , a self-described "revolutionary journal". The edition contained drawings, cartoons, and articles criticizing the government's decision to go to war. The publishing company sought an injunction to prevent
18972-472: The court of patronage appointments. Despite the Manton case and constant friction between two of the court's judges, Charles Edward Clark and Jerome Frank , the Second Circuit under Hand earned a reputation as one of the best appeal courts in the country's history. In 1942, Hand's friends once again lobbied for him to fill a Supreme Court vacancy, but Roosevelt did not appoint him. The president gave age as
19158-460: The critiques of Hand, Ernst Freund , Louis Brandeis , and Zechariah Chafee for the change in Holmes's views. In the long-term, Hand's decision proved a landmark in the history of free speech in the country. In Brandenburg v. Ohio (1969), the Supreme Court announced a standard for protecting free speech that in effect recognized his Masses opinion as law. Hand had known that ruling against
19344-502: The defamation of groups". In the postwar period, Hand shared the dismay of his compatriots about Stalinism and the onset of the Cold War . At the same time, he was sensitive to the domestic problems created by what he saw as a hysterical fear of international Communism . Already in 1947, he noted that "the frantic witch hunters are given free rein to set up a sort of Inquisition, detecting heresy wherever non- conformity appears". He
19530-444: The deposit requirement, as modified by Copyright Office regulations, is punishable by fine, but does not result in forfeiture of copyright. The use of copyright notices is optional. The Berne Convention , amending US copyright law in 1989, makes copyright automatic. However, the lack of notice of copyright using these marks may have consequences in terms of reduced damages in an infringement lawsuit—using notices of this form may reduce
19716-566: The designs 'hav[e] … graphic … qualities … [and could be] applied … on a painter's canvas,' the test for copyrightability is met." Works created by the federal government are not copyrightable. This restriction on copyright applies to publications produced by the United States Government, and its agents or employees within the scope of their employment. However, government contractors are generally not considered employees, and their works may be subject to copyright. Additionally,
19902-460: The development of Progressivism . Hand continued to be disappointed in his progress at work. A move to the firm of Gould & Wilkie in January 1904 brought neither the challenges nor the financial rewards for which he had hoped. "I was never any good as a lawyer," he later admitted. "I didn't have any success, any at all." In 1907, deciding that at the age of 35 success as a Wall Street lawyer
20088-483: The early years of the marriage, confessing his "blindness and insensibility to what you wanted and to your right to your own ways when they differed from mine". Fearing he might otherwise lose her altogether, Hand came to accept Frances' desire to spend time in the country with another man. While staying in Cornish in 1908, Hand began a close friendship with the political commentator and philosopher Herbert Croly . At
20274-534: The economic and social turmoil that followed the Wall Street Crash of 1929. With the Great Depression setting in, Hand favored a policy of interventionist central government. He came to accept Frankfurter's view that redistribution of wealth was essential for economic recovery. Hoover resisted this approach, favoring individualism and free enterprise. Roosevelt, on the other hand, promised
20460-534: The electorate was more than I could bear". His vow of silence affected his showing, and he received only 13% of the votes. Hand came to regret his candidacy: "I ought to have lain off, as I now view it; I was a judge and a judge has no business to mess into such things." By 1916, Hand realized that the Progressive Party had no future, as the liberal policies of the Democratic government were making much of its program redundant. Roosevelt's decision not to stand in
20646-816: The end of August 1902, they became engaged and kissed for the first time. They married on December 6, 1902, shortly after Hand had accepted a post with the Manhattan law firm of Zabriskie, Burrill & Murray. The couple had three daughters: Mary Deshon (born 1905), Frances (born 1907), and Constance (born 1909). Hand proved an anxious husband and father. He corresponded regularly with his doctor brother-in-law about initial difficulties in conceiving and about his children's illnesses. He survived pneumonia in February 1905, taking months to recover. The family at first spent summers in Mount Kisco , with Hand commuting on
20832-516: The end of his life. On May 21, 1944, he addressed almost one and a half million people in Central Park , New York, at the annual " I Am an American Day " event, where newly naturalized citizens swore the Pledge of Allegiance . He stated that all Americans were immigrants who had come to America in search of liberty. Liberty, he said, was not located in America's constitutions, laws, and courts, but in
21018-426: The end of his sophomore year, he changed direction. He embarked on courses in philosophy and economics, studying under the eminent and inspirational philosophers William James , Josiah Royce and George Santayana . At first, Hand found Harvard a difficult social environment. He was not selected for any of the social clubs that dominated campus life, and he felt this exclusion keenly. He was equally unsuccessful with
21204-496: The exclusive Right to their respective Writings and Discoveries." This includes incentivizing the creation of art, literature, architecture, music, and other works of authorship. As with many legal doctrines, the effectiveness of copyright law in achieving its stated purpose is a matter of debate. The United States copyright law protects "original works of authorship" fixed in a tangible medium, including literary, dramatic, musical, artistic, and other intellectual works. This protection
21390-414: The extremes of market structures there is some similarity. The cost functions are the same. Both monopolies and perfectly competitive (PC) companies minimize cost and maximize profit. The shutdown decisions are the same. Both are assumed to have perfectly competitive factors markets. There are distinctions; some of the most important are as follows: The most significant distinction between a PC company and
21576-482: The fair use exception. Copyright is automatically granted to the author of an original work (that otherwise meets the basic copyright requirements, discussed above). Registration is not necessary. However, registration amplifies a copyright holder's rights in a number of ways. Registration, or refusal of registration, is required before a lawsuit can be filed, and registration creates the possibility for enhanced "statutory" damages. A copyright can be registered online at
21762-407: The first unit for $ 17 the second unit for $ 14 and so on which is listed in the table below. Total revenue would be $ 55, his total cost would be $ 25 and his profit would be $ 30. Several things are worth noting. The monopolist acquires all the consumer surplus and eliminates practically all the deadweight loss because he is willing to sell to anyone who is willing to pay at least the marginal cost. Thus
21948-446: The form in which it is described, explained, illustrated, or embodied in such work. For example, a paper describing a political theory is copyrightable. The paper is the expression of the author's ideas about the political theory. The theory itself is just an idea , and is not copyrightable. Another author is free to describe the same theory in their own words without infringing on the original author's copyright. Although fundamental,
22134-400: The form of price control is necessary as it helped efficient market. To reduce prices and increase output, regulators often use average cost pricing. By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve. This pricing scheme eliminates any positive economic profits since price equals average cost. Average-cost pricing
22320-429: The generally poorer Ethiopian economics students. Similarly, most patented medications cost more in the U.S. than in other countries with a (presumed) poorer customer base. Typically, a high general price is listed, and various market segments get varying discounts. This is an example of framing to make the process of charging some people higher prices more socially acceptable. Perfect price discrimination would allow
22506-421: The government can purchase and hold the copyright to works created by third parties. The government may restrict access to works it has produced through other mechanisms. For instance, classified materials may not be protected by copyright, but are restricted by other applicable laws. Even in case of non-classified materials, there may be specific prohibitions against usage, such as the presidential seal , which
22692-404: The government might harm his prospects of promotion. By the time of the case, he was already the most senior judge of his district. The United States Court of Appeals for the Second Circuit often summoned him to sit with that court to hear appeals, a task he found stimulating. In 1917, he lobbied for promotion to the Second Circuit, but the unpopularity of his Masses decision and his reputation as
22878-453: The hearts of the people. In what would become the speech's most quoted passage, Hand asked: What then is the spirit of liberty? I cannot define it; I can only tell you my own faith. The spirit of liberty is the spirit which is not too sure that it is right; the spirit of liberty is the spirit which seeks to understand the minds of other men and women; the spirit of liberty is the spirit which weighs their interests alongside its own without bias;
23064-944: The help of the influential Charles C. Burlingham , a senior New York lawyer and close friend, he gained the backing of Attorney General George W. Wickersham , who urged President William Howard Taft to appoint Hand. One of the youngest federal judges ever appointed, Hand took his judicial oath at age 37 in April 1909. Hand served as a United States district judge in the Southern District of New York from 1909 to 1924. He dealt with fields of common law , including torts , contracts, and copyright , and admiralty law . His unfamiliarity with some of these specialties, along with his limited courtroom experience, caused him anxiety at first. Most of Hand's early cases concerned bankruptcy issues, which he found tiresome, and patent law, which fascinated him. Hand made some important decisions in
23250-624: The idea–expression dichotomy is often difficult to put into practice. Reasonable people can disagree about where the unprotectable "idea" ends and the protectable "expression" begins. As Judge Learned Hand put it, "Obviously, no principle can be stated as to when an imitator has gone beyond copying the 'idea,' and has borrowed its 'expression.' Decisions must therefore inevitably be ad hoc." Mere facts are not copyrightable. However, compilations of facts are treated differently, and may be copyrightable material. The Copyright Act, § 103 , allows copyright protection for "compilations", as long as there
23436-419: The influences of his parents as formative. After his father's death, he looked to religion to help him cope, writing to his cousin Augustus Noble Hand : "If you could imagine one half the comfort my religion has given to me in this terrible loss, you would see that Christ never forsakes those who cling to him." The depth of Hand's early religious convictions was in sharp contrast to his later agnosticism. Hand
23622-438: The initial copyright owner. The author generally is the person who conceives of the copyrightable expression and "fixes" it in a "tangible medium of expression." Special rules apply when multiple authors are involved: Three types of transfers exist for copyrighted works. The first two, assignment and exclusive licenses, require the transfer to be in writing. Nonexclusive licenses need not be in writing and they may be implied by
23808-468: The inverse demand curve is of the form x = a − b y {\displaystyle x=a-by} . Then the total revenue curve is TR = a y − b y 2 {\displaystyle {\text{TR}}=ay-by^{2}} and the marginal revenue curve is thus MR = a − 2 b y {\displaystyle {\text{MR}}=a-2by} . From this several things are evident. First,
23994-673: The law was it seditious—otherwise freedom of speech should be protected. This focus on the words themselves, rather than on their effect, was novel and daring; but Hand's decision was promptly stayed, and later overturned on appeal. He always maintained that his ruling had been correct. Between 1918 and 1919, he attempted to convince Supreme Court Justice Oliver Wendell Holmes Jr. , a man he greatly admired, of his argument. His efforts at first appeared fruitless, but Holmes' dissenting opinion in Abrams v. United States in November 1919 urged greater protection of political speech. Scholars have credited
24180-540: The life of the author plus 70 years, whichever ends earlier. The Congress shall have Power [...] to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries. The goal of copyright law, as set forth in the Copyright Clause of the US Constitution , is "to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors
24366-477: The likelihood of a defense of "innocent infringement" being successful. Copyright protection generally lasts for 70 years after the death of the author. If the work was a "work for hire", then copyright persists for 120 years after creation or 95 years after publication, whichever is shorter. For works created before 1978, the copyright duration rules are complicated. However, works published before January 1, 1929 (other than sound recordings), have made their way into
24552-440: The magazine and by the reactionary and isolationist mood of the country, Hand found himself politically homeless. The next Second Circuit vacancy arose in 1921, but with the conservative Warren G. Harding administration in power, Hand did not put himself forward. Nonetheless, Hand's reputation was such that by 1923, Justice Holmes wanted him on the Supreme Court, and in 1924 Harding's successor, Calvin Coolidge, appointed Hand to
24738-466: The marginal cost (which is the output quantity for a perfectly competitive and allocatively efficient market). In 1848, J.S. Mill was the first individual to describe monopolies with the adjective "natural". He used it interchangeably with "practical". At the time, Mill gave the following examples of natural or practical monopolies: gas supply, water supply, roads, canals, and railways. In his Social Economics , Friedrich von Wieser demonstrated his view of
24924-587: The marginal revenue curve has the same x {\displaystyle x} -intercept as the inverse demand curve. Second, the slope of the marginal revenue curve is twice that of the inverse demand curve. What is not quite so evident is that the marginal revenue curve is below the inverse demand curve at all points ( y ≥ 0 {\displaystyle y\geq 0} ). Since all companies maximise profits by equating MR {\displaystyle {\text{MR}}} and MC {\displaystyle {\text{MC}}} it must be
25110-401: The monopolist and none to the consumer. In essence, every consumer would be indifferent between going completely without the product or service and being able to purchase it from the monopolist. As long as the price elasticity of demand for most customers is less than one in absolute value , it is advantageous for a company to increase its prices: it receives more money for fewer goods. With
25296-445: The monopolist to charge each customer the exact maximum amount they would be willing to pay. This would allow the monopolist to extract all the consumer surplus of the market. A domestic example would be the cost of airplane flights in relation to their takeoff time; the closer they are to flight, the higher the plane tickets will cost, discriminating against late planners and often business flyers. While such perfect price discrimination
25482-402: The one monopoly profit theorem is not true if customers in the monopoly good are stranded or poorly informed, or if the tied good has high fixed costs. A pure monopoly has the same economic rationality of perfectly competitive companies, i.e. to optimise a profit function given some constraints. By the assumptions of increasing marginal costs, exogenous inputs' prices, and control concentrated on
25668-517: The original author after 35 years. 17 U.S.C. § 203(a) states that the author must write a letter requesting a termination of the original copyright grant at least two years before the effective termination date. Title 17, United States Code, Section 108 places limitations on exclusive copyrights for the purposes of certain limited reproduction by a public library or an archive. Title 17, United States Code, Section 107 also places statutory limits on copyright which are commonly referred to as
25854-478: The philosophy of law. His favorite professor was James Bradley Thayer , who taught him evidence in his second year and constitutional law in his third. A man of broad interests, Thayer became a major influence on Hand's jurisprudence. He emphasized the law's historical and human dimensions rather than its certainties and extremes. He stressed the need for courts to exercise judicial restraint in deciding social issues. Hand graduated from Harvard Law School with
26040-508: The postal service as a natural monopoly: "In the face of [such] single-unit administration, the principle of competition becomes utterly abortive. The parallel network of another postal organization, beside the one already functioning, would be economically absurd; enormous amounts of money for plant and management would have to be expended for no purpose whatever." Overall, most monopolies are man-made monopolies, or unnatural monopolies, not natural ones. A government-granted monopoly (also called
26226-445: The power to raise prices in a small industry (or market). A monopoly may also have monopsony control of a sector of a market. A monopsony is a market situation in which there is only one buyer. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in which one or
26412-426: The power to set prices or quantities although not both. A monopoly is a price maker. The monopoly is the market and prices are set by the monopolist based on their circumstances and not the interaction of demand and supply. The two primary factors determining monopoly market power are the company's demand curve and its cost structure. Market power is the ability to affect the terms and conditions of exchange so that
26598-455: The price discrimination promotes efficiency. Secondly, by the pricing scheme price = average revenue and equals marginal revenue. That is the monopolist behaving like a perfectly competitive company. Thirdly, the discriminating monopolist produces a larger quantity than the monopolist operating by a uniform pricing scheme. Successful price discrimination requires that companies separate consumers according to their willingness to buy. Determining
26784-403: The price of a product is set by a single company (price is not imposed by the market as in perfect competition). Although a monopoly's market power is great it is still limited by the demand side of the market. A monopoly has a negatively sloped demand curve, not a perfectly inelastic curve. Consequently, any price increase will result in the loss of some customers. Price discrimination allows
26970-453: The product or service less than its price, monopoly pricing creates a deadweight loss referring to potential gains that went neither to the monopolist nor to consumers. Deadweight loss is the cost to society because it is inefficient. Given the presence of this deadweight loss, the combined surplus (or wealth) for the monopolist and consumers is necessarily less than the total surplus obtained by consumers by perfect competition. Where efficiency
27156-518: The protection of free speech and in bold legislation to address social and economic problems. He argued that the United States Constitution does not empower courts to overrule the legislation of elected bodies, except in extreme circumstances. Instead, he advocated the "combination of toleration and imagination that to me is the epitome of all good government". As of 2004, Hand had been quoted more often by legal scholars and by
27342-641: The public domain by non-renewal did not regain copyright protection. Therefore, works published before 1964 that were not renewed are in the public domain. Before 1972, sound recordings were not subject to federal copyright, but copying was nonetheless regulated under various state torts and statutes, some of which had no duration limit. The Sound Recording Amendment of 1971 extended federal copyright to recordings fixed on or after February 15, 1972, and declared that recordings fixed before that date would remain subject to state or common law copyright. Subsequent amendments had extended this latter provision until 2067. As
27528-463: The public domain. All copyright terms run to the end of the calendar year in which they would otherwise expire. For works published or registered before 1978, the maximum copyright duration is 95 years from the date of publication, if copyright was renewed during the 28th year following publication. Copyright renewal has been automatic since the Copyright Renewal Act of 1992 . For works created before 1978, but not published or registered before 1978,
27714-533: The reason, but philosophical differences with Hand may also have played a part. Another explanation lies in one of Justice William O. Douglas 's autobiographies, where Douglas states that, despite Roosevelt's belief that Hand was the best person for the job, Roosevelt had been offended by the pressure Justice Felix Frankfurter placed on the president during a vigorous letter-writing campaign on Hand's behalf. D.C. circuit judge Wiley Blount Rutledge , whom Roosevelt appointed, died in 1949, while Hand lived until 1961. In
27900-777: The requirements for copyright in compilations. The Feist case denied copyright protection to a "white pages" phone book (a compilation of telephone numbers, listed alphabetically). In making this ruling, the Supreme Court rejected the " sweat of the brow " doctrine. That is, copyright protection requires creativity, and no amount of hard work ("sweat of the brow") can transform a non-creative list (like an alphabetical listing of phone numbers) into copyrightable subject matter. A mechanical, non-selective collection of facts (e.g., alphabetized phone numbers) cannot be protected by copyright. Copyright protects artistic expression. Copyright does not protect useful articles, or objects with some useful functionality. The Copyright Act states: A "useful article"
28086-490: The revenue maximizing quantity for the monopoly is 12.5 units and the revenue-maximizing price is 25. A company with a monopoly does not experience price pressure from competitors, although it may experience pricing pressure from potential competition. If a company increases prices too much, then others may enter the market if they are able to provide the same good, or a substitute, at a lesser price. The idea that monopolies in markets with easy entry need not be regulated against
28272-412: The risk of losing their monopoly to new entrants. This is likely to happen when a market's barriers to entry are low. It might also be because of the availability in the longer term of substitutes in other markets. For example, a canal monopoly, while worth a great deal during the late 18th century United Kingdom, was worth much less during the late 19th century because of the introduction of railways as
28458-445: The same time continue their business. ...Monopoly, besides, is a great enemy to good management. – Adam Smith (1776), The Wealth of Nations According to the standard model, in which a monopolist sets a single price for all consumers, the monopolist will sell a lesser quantity of goods at a higher price than would companies by perfect competition . Because the monopolist ultimately forgoes transactions with consumers who value
28644-503: The school's military drills. Vacations, spent in Elizabethtown , New York, were happier times. There, Hand developed a life-long friendship with his cousin and future colleague Augustus Noble Hand, two years his senior. The two were self-confessed "wild boys", camping and hiking in the woods and hills, where Hand developed a love of nature and the countryside. Many years later, when he was in his 70s, Hand recorded several songs for
28830-406: The seller divides the consumers into different groups according to their willingness to pay as measured by their price elasticity of demand. Each group of consumers effectively becomes a separate market with its own demand curve and marginal revenue curve. The firm then attempts to maximize profits in each segment by equating MR and MC, Generally the company charges a higher price to the group with
29016-401: The speech was that the spirit of liberty must entertain doubt. Learned Hand's 75th birthday in 1947 was much celebrated in the press and in legal circles. C. C. Burlingham, Hand's former sponsor, for example, called him "now unquestionably the first among American judges". Hand remained modest in the face of such acclaim. He continued to work as before, combining his role as presiding judge of
29202-525: The spirit of liberty remembers that not even a sparrow falls to earth unheeded; the spirit of liberty is the spirit of Him who, near two thousand years ago, taught mankind that lesson it has never learned, but has never quite forgotten; that there may be a kingdom where the least shall be heard and considered side by side with the greatest. Extracts of the speech appeared in The New Yorker on June 10. Several weeks later, The New York Times printed
29388-426: The standard of a child's library in the supposed interest of a salacious few, or that shame will for long prevent us from adequate portrayal of some of the most serious and beautiful sides of human nature. Hand was politically active in the cause of New Nationalism. With reservations, in 1911 he supported Theodore Roosevelt's return to national politics. He approved of the ex-president's plans to legislate on behalf of
29574-606: The standard §302 copyright duration of 70 years from the author's death also applies. Prior to 1978, works had to be published or registered to receive copyright protection. Upon the effective date of the 1976 Copyright Act (which was January 1, 1978) this requirement was removed and these unpublished, unregistered works received protection. However, Congress intended to provide an incentive for these authors to publish their unpublished works. To provide that incentive, these works, if published before 2003, would not have their protection expire before 2048. All copyrightable works published in
29760-648: The student may have been able to purchase at the Ethiopian price. Similarly, a wealthy student in Ethiopia may be able to or willing to buy at the U.S. price, though naturally would hide such a fact from the monopolist so as to pay the reduced third world price. These are deadweight losses and decrease a monopolist's profits. Deadweight loss is considered detrimental to society and market participation. As such, monopolists have substantial economic interest in improving their market information and market segmenting . There
29946-430: The study of management structures, which directly concerns normative aspects of economic competition, and provides the basis for topics such as industrial organization and economics of regulation . There are four basic types of market structures in traditional economic analysis: perfect competition , monopolistic competition , oligopoly and monopoly. A monopoly is a structure in which a single supplier produces and sells
30132-481: The surface of the cheerleading uniforms were separated from the uniform and applied in another medium—for example, on a painter's canvas—they would qualify as "two-dimensional ... works of ... art". And imaginatively removing the surface decorations from the uniforms and applying them in another medium would not replicate the uniform itself. Indeed, respondents have applied the designs in this case to other media of expression—different types of clothing—without replicating
30318-442: The team. The three basic forms of price discrimination are first, second and third degree price discrimination. In first degree price discrimination the company charges the maximum price each customer is willing to pay. The maximum price a consumer is willing to pay for a unit of the good is the reservation price. Thus for each unit the seller tries to set the price equal to the consumer's reservation price. Direct information about
30504-457: The time, Croly was writing his influential book The Promise of American Life , in which he advocated a program of democratic and egalitarian reform under a national government with increased powers. When the book was published in November 1909, Hand sent copies to friends and acquaintances, including former president Theodore Roosevelt. Croly's ideas had a powerful effect on Roosevelt's politics, influencing his advocacy of New Nationalism and
30690-434: The underprivileged and to control corporations, as well as of his campaign against the abuse of judicial power. Hand sought to influence Roosevelt's views on these subjects, both in person and in print, and wrote articles for Roosevelt's magazine, The Outlook . His hopes of swaying Roosevelt were often dashed. Roosevelt's poor grasp of legal issues particularly exasperated Hand. Despite overwhelming support for Roosevelt in
30876-473: The underprivileged. Often attending staff dinners and meetings, Hand became a close friend of the gifted young editor Walter Lippmann . The outbreak of World War I in 1914 had coincided with the founding of the magazine, whose pages often debated the events in Europe. The New Republic adopted a cautiously sympathetic stance towards the Allies , which Hand supported wholeheartedly. After the United States entered
31062-524: The uniform. The decorations are therefore separable from the uniforms and eligible for copyright protection. This produces a relatively low threshold for pictorial, graphic, or sculptural features on useful articles to be eligible for copyright protection, which one commentator clearly highlighted: the Star Athletica decision "really has ensured that all but the subtlest graphic designs will be able to gain copyright protection...once we determine that
31248-442: The useful article into which it is incorporated." Star Athletica began as a suit by Varsity Brands against Star Athletica for infringing the copyright of five cheerleader uniform designs. Applying its new test to the cheerleader uniform designs, the court said: First, one can identify the decorations as features having pictorial, graphic, or sculptural qualities. Second, if the arrangement of colors, shapes, stripes, and chevrons on
31434-526: The utilitarian aspects of the article." However, many industrial designers create works that are both artistic and functional. Under these circumstances, copyright law only protects the artistic expression of such a work, and only to the extent that the artistic expression can be separated from its utilitarian function. In 2017, the US Supreme Court granted certiorari in the case Star Athletica, L. L. C. v. Varsity Brands, Inc. to determine when
31620-407: The venture for itself, thus forming a government monopoly , for example with a state-owned company . Monopolies may be naturally occurring due to limited competition because the industry is resource intensive and requires substantial costs to operate (e.g., certain railroad systems). Market structure is determined by following factors: In economics, the idea of monopolies is important in
31806-407: The voters a New Deal . They elected him on a platform of strong executive leadership and radical economic reform. Hand voted for Roosevelt again in 1940 and 1944, but he remained vigilant on the constitutional dangers of big government. Like others, including Walter Lippmann , he sensed the dictatorial potential of New Deal policies. He had no hesitation in condemning Roosevelt's 1937 bill to expand
31992-543: The war in 1917, Hand considered leaving the bench to assist the war effort. Several possible war-related positions were suggested to him. Nothing came of them, aside from his chairing a committee on intellectual property law that suggested treaty amendments for the Paris Peace Conference . Hand made his most memorable decision of the war in 1917 in Masses Publishing Co. v. Patten . After
32178-639: The weekends. After 1910, they rented summer homes in Cornish, New Hampshire , a writers' and artists' colony with a stimulating social scene. The Hands bought a house there in 1919, which they called "Low Court". As Cornish was a nine-hour train journey from New York, the couple were separated for long periods. Hand could join the family only for vacations. The Hands became friends of the popular artist Maxfield Parrish , who lived in nearby Plainfield . The Misses Hand posed for some of his paintings. The Hands also became close friends of Cornish resident Louis Dow,
32364-418: The whole text. Life magazine and Reader's Digest followed soon after. Hand's message that liberty is safeguarded by everyday Americans struck a popular chord, and he suddenly found himself a folk hero . Though he enjoyed the acclaim, he thought it unmerited. His biographer Gerald Gunther , noting the paradox of the agnostic Hand's use of religious overtones, suggests that the most challenging aspect of
32550-404: The words, but by trying honestly to say what was the underlying purpose expressed. When war broke out in Europe in 1939, Learned Hand adopted an anti-isolationist stance. He rarely spoke out publicly, not only because of his position but because he thought bellicosity unseemly in an old man. In February 1939, he became his court's senior circuit leader (in effect, chief judge , although the title
32736-413: Was 14. Learned's mother thereafter promoted an idealized memory of her husband's professional success, intellectual abilities, and parental perfection, placing considerable pressure on her son. Lydia Hand was an involved and protective mother who had been influenced by a Calvinist aunt as a child; she passed on a strong sense of duty and guilt to her only son. Learned Hand eventually came to understand
32922-434: Was an American jurist, lawyer, and judicial philosopher . He served as a federal trial judge on the U.S. District Court for the Southern District of New York from 1909 to 1924 and as a federal appellate judge on the U.S. Court of Appeals for the Second Circuit from 1924 to 1961. Born and raised in Albany, New York , Hand majored in philosophy at Harvard College and graduated with honors from Harvard Law School . After
33108-516: Was beset by anxieties and self-doubt throughout his life, including night terrors as a child. He later admitted he was "very undecided, always have been—a very insecure person, very fearful; morbidly fearful". Especially after his father's death, he grew up surrounded by doting women—his mother, his aunt, and his sister Lydia (Lily), eight years his elder. Hand struggled with his name during his childhood and adulthood, worried that "Billings" and "Learned" were not sufficiently masculine. While working as
33294-459: Was deeply dissatisfied with his progress. For intellectual stimulation, he increasingly looked outside his daily work. He wrote scholarly articles, taught part-time at Albany Law School , and joined a lawyers' discussion group in New York City. He also developed an interest in politics. Hand came from a line of loyal Democrats, but in 1898 he voted for Republican Theodore Roosevelt as governor of New York . Though he deplored Roosevelt's role in
33480-696: Was not created until 1948). In this post, Hand succeeded Martin Manton , who had resigned after corruption allegations that later led to Manton's criminal conviction for bribery. Not an admirer of Manton, Hand nonetheless testified at his trial that he had never noticed any corrupt behavior in his predecessor. Having sat in two cases in which Manton accepted bribes, Hand worried for years afterward that he should have detected his colleague's corruption. Hand still regarded his main job as judging. As circuit leader, he sought to free himself and his judges from too great an administrative burden. He concentrated on maintaining good relations with his fellow judges and on cleansing
33666-564: Was out of reach, he lobbied for a potential new federal judgeship in the United States District Court for the Southern District of New York , the federal court headquartered in Manhattan. He became involved briefly in local Republican politics to strengthen his political base. In the event, Congress did not create the new judgeship in 1907; but, when the post was finally created in 1909, Hand renewed his candidacy. With
33852-460: Was relieved when the United States entered the war in December 1941. He felt free to participate in organizations and initiatives connected with the war effort, and was particularly committed to programs in support of Greece and Russia. He backed Roosevelt for the 1944 election , partly because he feared a return to isolationism and the prolonging of the wartime erosion of civil liberties. In 1943,
34038-501: Was skeptical. He also condemned the Nuremberg war-crimes trials , which he saw as motivated by vengeance; he did not believe that "aggressive war" could be construed as a crime. "The difference between vengeance and justice," he wrote later, "is that justice must apply to all." Hand had never been well known to the general public, but a short speech he made in 1944 won him fame and a national reputation for learnedness that lasted until
34224-408: Was spent researching and writing briefs, with few opportunities for the appellate work he preferred. His early courtroom appearances, when they came, were frequently difficult, sapping his fragile self-confidence. He began to fear that he lacked the ability to think on his feet in court. For two years, Hand tried to succeed as a lawyer by force of will, giving all his time to the practice. By 1900, he
34410-499: Was the firm's leading lawyer. In 1878, he became the leader of the appellate bar and argued cases before the New York Court of Appeals in "greater number and importance than those argued by any other lawyer in New York during the same period". Samuel Hand was a distant, intimidating figure to his son; Learned Hand later described the relationship with his father as "not really intimate". Samuel Hand died from cancer when Learned
34596-591: Was used in the 1914 book Social Economics written by Friedrich von Wieser. As mentioned, government regulations are frequently used with natural monopolies to help control prices. An example that can illustrate this can be found when looking at the United States Postal Service, which has a monopoly over types of mail. According to Wieser, the idea of a competitive market within the postal industry would lead to extreme prices and unnecessary spending, and this highlighted why government regulation in
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