effect on the market factor

The following is a reply to William Patry’s lengthy response to my blog of March 16. Both the blog and Mr. Patry’s response may be found here. Given the length of my reply, for ease of reading, I am posting my reply here and inserting a cross-reference to this page in the comments section of the March 16 blog.

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Mr. Patry,

I have the greatest respect for your knowledge and experience, and for your contributions to the copyright debate, both through your texts and through your lively blog.…