Harvard law IP professor/Berkman Center director/alternative compensation advocate Terry Fisher, guest-blogging at the Lessig Blog:

Larry has kindly offered me the opportunity to host his blog for a week. My plan is to use the opportunity primarily to catalyze a discussion of the current crisis in the entertainment industry and what potential solutions to it are both attractive and practicable.
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Before addressing the particular ways in which I and others have tried to solve the crisis, it might be helpful to consider whether my characterization of the crisis is fair and balanced. One potential line of criticism would point to the recent paper by Oberholzer and Strumpf, The Effect of File Sharing on Music Sales (which appeared after my manuscript was set) as evidence that I have seriously exaggerated the extent to which the new technologies (in this case, P2P services) have, at least thus far, threatened traditional business models.