The Gridlock Economy

Michael Heller has provided an informative, thought-provoking contribution to the discussion of property rights. Using real-life examples, he demonstrates the disaster that happens when too many people own small portions of a resource. Like squabbling siblings who inherit the family home, one holdout can prevent anyone from using or selling it. No one benefits. That’s gridlock. Similarly, overuse or neglect often spoil unregulated, unprotected public resources: Licensing requirements prevent companies from developing new drugs because all the potential components are separately patented. Overzealous trademarking and copyrighting undermine the traditions of fair use, blocking artists’ creativity. Heller’s book is surprisingly entertaining for a work on intellectual property, real-estate law and economics. After you read it, you will never think about resources and ownership in quite the same way again. getAbstract recommends it to lawyers, artists, economists, research and development professionals, and anyone who’s been wondering why you rarely see the characters in a screen play singing the happy-birthday song when they blow out the candles. (Answer: It’s under copyright until 2030.)