Copyright term, film labeling, and film preservation legislation : hearings before the Subcommittee on Courts and Intellectual Property of the Committee on the Judiciary, House of Representatives, One Hundred Fourth Congress, first session, on H.R. 989, H.R. 1248, and H.R. 1734 ... June 1 and July 13, 1995 (1996)

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392 the high degree of risX aversion that affects decisions to invest in the dissemination of literary and artistic productions.** I am not one of those who underestimates either the difficulties of prospecting the public's taste*^ or the degree of risk aversion that publishers must overcome. Nor do I believe that the level of investment in cultural industries would remain adequate if publishers were forced to depend solely on natxiral lead time." To the contrary, my studies make strenuous efforts to demonstrate that a contraction of natural lead time, with its attendant risks of market failure,**^ afflicts all industries engaged in information technologies and other cutting-edge, innovative pursuits. As a result, I believe new types of intellectual property rights — rooted in liability principles — will be needed to cope with subpatentable innovation of all kinds in the twenty-first century." •• See, e.g.. Ricketson, supra note 70, at 756-60. ^ SLm. Edmund W. Kitch, The Nature and Function of the Patent System. 20 J. L. & EcoN. 265 (1977) (prospecting function of the patent system) . ** BVtt g?^ Stephen Breyer, The Uneasv Case for Copvriahti A Study of Copyright in Books. Photocopies, and Computer Programs . 84 Harv. L. Rev. 281, 325 (1970) (marshalling no scientifically valid data for the opposite thesis) . ^ See generally Wendy J. Gordon, Asymmetrical Market Failure and Prisoner's Dilemma in Intellectual Property. 17 U. Dayton L. Rsv. 853, 854-59 (1992) (discussing conditions for market failure) . ** See generally Legal Hybrids, supra note 4; Seunuelson et al. . Manifesto, supra note 4, at 2332-65 (predicting cycles of under-and over-protection with regard to computer programs) ; see Aififi Collapse of the Patent-Copvright Dichotomy, suqiza note 4, at