This monograph seeks to explain the expansion of intellectual property law over the last half century, focusing in particular on the rapid growth that began with the 1976 Copyright Act. In so doing, it explores a fundamental, unresolved issue in the theory of regulation: why some kinds of regulation have increased dramatically over this period while others have virtually disappeared.

William M. Landes is the Clifton R. Musser Professor of Law and Economics at the University of Chicago Law School, where he teaches economic analysis of law, art law, and intellectual property. Coeditor of the Journal of Legal Studies, he specializes in the application of economics to legal problems, and has written widely in the fields of torts and antitrust law. Formerly the president of the American Law and Economics Association, Dr. Landes has appeared as an expert before courts, administrative agencies, and committees of Congress.

The Honorable Richard A. Posner was appointed to the U.S. Court of Appeals for the Seventh Circuit in 1981, and served as the chief judge from 1993 to 2000. Prior to his appointment, Judge Posner taught at the University of Chicago Law School for twelve years; earlier he had held several positions in Washington, including law clerk for U.S. Supreme Court Justice William J. Brennan Jr. He is the author of the landmark Antitrust Law (2nd ed. 2001), as well as Economic Analysis of Law (6th ed. 2003), and the founder of the Journal of Legal Studies.