A transcript is up at the Federal Reserve of a lengthy speech by Alan Greenspan on the economics of intellectual property. It’s a bit dry, naturally —

In the case of physical property, we take it for granted that the ownership right should have the potential of persisting as long as the physical object itself. In the case of an idea, however, we have chosen to strike a different balance in recognition of the chaos that could follow from having to trace back all the thoughts implicit in one's current undertaking and pay a royalty to the originator of each one.

— and Mr. Greenspan isn’t the world’s clearest speaker (legend has it that it took his then-girlfriend 24 hours to work out that he had in fact proposed to her).

But it’s interesting, if you’re interested in that sort of thing. And if you are, there are some gems:

According to the legends of the early American West, the only law west of the Pecos River was administered by Judge Bean. I am not sure how much law that was, but I do know that much protection of property in sparsely settled western communities just after the Civil War had to be privately provided.

— for example, and:

Ownership of physical property is capable of being defended by police, the militia, or private mercenaries. Ownership of ideas is far less easily protected.

I still think it’s a bit creepy that the entire US economy is being run by an old chum of Ayn Rand. But he’s obviously much too clear a thinker to let himself be blinded by dogma — which must be why the modern Randites aren’t exactly happy with him.