Key quote, 'Bit by bit, everything that can be digitized will be digitized, making intellectual property ever easier to copy and ever harder to sell for more than a nominal price. And we’ll have to find business and economic models that take this reality into account.
It won’t all happen immediately. But in the long run, we are all the Grateful Dead.'No, he wasn't referring to backing the Pranksters at the Acid Tests. Krugman uses the Dead's free taping policy as a model for the distribution of digital content.