Relevant Markets for Copyrighted Works‪.‬

I. INTRODUCTION Much of copyright scholarship can be described as an effort to confine an increasingly broad entitlement. I have argued elsewhere that copyright law no longer can afford to satisfy the actual expectations of creators, but should seek to satisfy their reasonable expectations instead. (1) While observers might disagree as to what sorts of expectations are reasonable, it seems clear enough that creators reasonably may expect to be monopolists in at least some markets for copies (2) of their works. The difficulty comes in defining the market or markets in which copyright owners can claim exclusivity. But this is nothing new. Every argument that X should be beyond the reach of copyright law is an argument that X does not harm the copyright owner, or that X benefits the public more than it harms the copyright owner. We know by now what causes the greatest harm to copyright owners: unauthorized works that "fulfill[ ] the demand for the original," (3) or, in economic terms, market substitutes. In the end, is not every argument about the proper reach of copyright law an argument about copyright markets?