![]() ![]() The file-sharing era can be viewed as a large-scale experiment allowing us to check whether events since Napster have stemmed the flow of new works. The legal monopoly created by copyright is justified by its encouragement of the creation of new works, but there is little evidence on this relationship. What matters for consumers, however, is not sellers' revenue but the surplus they derive from new music. In the decade since Napster, file-sharing has undermined the protection that copyright affords recorded music, reducing recorded music sales.
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