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How should/would a #Georgist think about intellectual property (rights)?

From one perspective, it's impossible to own an idea/thoughts. Contemporary IP ownership is primarily based around (very generous & lengthy) government monopoly protections.
A fundamental argument for these protections are to encourage #Innovation. But how much do IP protections, alone, (+) innovation?
Even if IP protections help, there has to be a point of diminishing returns. At some point, IP protections discourage others from improving on the 'original work'.
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