Economy

An economy (Greek οίκος-household and νέμoμαι - manage) is an area of the production, distribution or trade, and consumption of goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.

Economic activity is spurred by production which uses natural resources, labor, and capital. It has changed over time due to technology (automation, accelerator of process, reduction of cost functions), innovation (new products, services, processes, new markets, expands markets, diversification of markets, niche markets, increases revenue functions) such as that which produces intellectual property and changes in industrial relations (child labor being replaced with universal access to education).

A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Free music

Free music or libre music is music that, like free software, can freely be copied, distributed and modified for any purpose. Thus free music is either in the public domain or licensed under a free license by the artist or copyright holder themselves, often as a method of promotion. It does not mean that there should be no fee involved. The word free refers to freedom (as in free software), not to price.

The Free Music Philosophy generally encourages creators to free music using whatever language or methods they wish. A Free Music Public License (FMPL) is available for those who prefer a formal approach. Some free music is licensed under licenses that are intended for software (like the GPL) or other writings (the GFDL). But there are also licenses especially for music and other works of art, such as EFF's Open Audio License, LinuxTag's Open Music License, the Free Art license and some of the Creative Commons Licences.

History

Before the advent of copyright law in the early 18th century and its subsequent application to music compositions first, all music was "free" according to the definitions used in free software or free music, since there were no copyright restrictions. In practice however, music reproduction was generally restricted to live performances and the legalities of playing other people's music was unclear in most jurisdictions. Copyright laws changed this gradually so much so that in the late 20th century, copying a few words of a musical composition or a few seconds of a sound recording, the two forms of music copyright, could be considered criminal infringement.

Copyright

Copyright is a legal right created by the law of a country that grants the creator of an original work exclusive rights for its use and distribution. This is usually only for a limited time. The exclusive rights are not absolute but limited by limitations and exceptions to copyright law, including fair use.

Copyright is a form of intellectual property, applicable to certain forms of creative work. Under US copyright law, legal protection attaches only to fixed representations in a tangible medium. It is often shared among multiple authors, each of whom holds a set of rights to use or license the work, and who are commonly referred to as rightsholders. These rights frequently include reproduction, control over derivative works, distribution, public performance, and "moral rights" such as attribution.

Copyrights are considered territorial rights, which means that they do not extend beyond the territory of a specific jurisdiction. While many aspects of national copyright laws have been standardized through international copyright agreements, copyright laws vary by country.

Economic collapse

There is no precise definition of an economic collapse. The term has been used to describe a broad range of bad economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death rate and perhaps even a decline in population (such as in countries of the former USSR in the 1990s).

Often economic collapse is accompanied by social chaos, civil unrest and sometimes a breakdown of law and order.

An example of an economic collapse is the Great Depression.

Cases of economic collapse

There are few well documented cases of economic collapse. One of the best documented cases of collapse or near collapse is the Great Depression, the causes of which are still being debated.

Bernanke's comment addresses the difficulty of identifying specific causes when many factors may each have contributed to various extents.

Copyright law of the United States

The Copyright Law of the United States tries to encourage the creation of art and culture by rewarding authors and artists with a set of exclusive rights. Copyright law grants authors and artists the exclusive right to make and sell copies of their works, the right to create derivative works, and the right to perform or display their works publicly. These exclusive rights are subject to a time limit, and generally expire 70 years after the author's death.

United States copyright law is governed by the Copyright Act of 1976. The United States Constitution explicitly grants Congress the power to create copyright law under Article 1, Section 8, Clause 8, known as the Copyright Clause. Under the Copyright Clause, Congress has the power:

The United States Copyright Office handles copyright registration, recording of copyright transfers, and other administrative aspects of copyright law.

History

US copyright law traces its lineage back to the British Statute of Anne, which influenced the first US federal copyright law, the Copyright Act of 1790. The Copyright Act has been updated several times, including, notably, the Copyright Act of 1976.