Copyright and patent laws hurt the economy

Norsefire writes: "Two economists at Washington University are claiming that copyright and patent laws are "Killing Innovation" and "Hurting [the] Economy". Michele Boldrin and David K. Levine state they would like to see copyright law abolished completely as there is other protection available to the creators of intellectual property. They are calling on congress to only grant patents where an invention has social value, where the patent would not stifle innovation and only where the the absence of a patent would damage cost-effectiveness."