Generative AI: Remunerating the human author & the limits of a narrow TDM Exception
In his classic work, ‘Capitalism, Socialism and Democracy’, Josef Schumpeter referred to the ‘waves of creative destruction’ to describe how monopoly rents incentivise entrepreneurs to take risk and innovate. The monopoly rent that the entrepreneur derives from his innovation is short-lived, as another wave of creative destruction soon replaces this wave, and gives way to…