Robert Nozick's 1974 book "Anarchy, State, and Utopia" made libertarianism mainstream. Self-ownership means individuals have rights over their persons and actions. Self-ownership grounds market-based economic systems and protects individual rights. Cohen criticized Nozick for linking self-ownership to capitalist exploitation
Copyright protects original forms of expression like books and music. Patent law enables inventors to prevent others from using their inventions. Trademark law protects distinctive words and symbols on products. Trade-secret law safeguards confidential commercially valuable information
Royalty payment is compensation for ongoing use of an asset. Royalty interest is the right to collect future payments. License agreements define terms for resource or property use
License is an official permission or permit to do, use, or own something. Licensee receives permission from licensor as part of an agreement. License is often a promise not to sue, preventing illegal activities
Ideas are mental representations of objects or results of thought. Term "idea" comes from Greek "idea" meaning "form, pattern". Plato defined ideas as unchanging forms from which material world arises
Ronald Coase developed theory about property rights in competitive markets. Optimal decisions will be selected in markets with zero transaction costs. Parties can negotiate regardless of initial property rights distribution