Will Technology Make Our Intellectual Property Laws Obsolete?

Interesting take on the future of copyright and patent law by Eric Reasons:

Every business model relying on intellectual property law (patent and
copyright) is heading for massive deflation in our lifetimes. We’ve
seen it with the music industry and newspapers already. The software
industry is starting to feel it with the maturity of open source
software, and the migration of applications to the cloud. Television,
movies, and books are next. I’ve come to question the ability of copyright and patent law to foster innovation,
but leaving that aside, the willingness of people to collaborate and
share, and the tools provided for it on the internet, may render these
laws obsolete.

And that means:

Journalists, auto workers, record industry players, retail sales
clerks, and marketing staff are forced to go looking for work in
shrinking markets. These businesses are either suffering from old
business models based on increasingly artificial scarcity (newspapers,
music, marketing, software development), or are able to do more work
with the fewer resources due to the newly created efficiency
(retailers). In short, businesses relying on artificial scarcity
created by intellectual property law, are businesses most susceptible
to deflation.