The elaboration of intellectual property law is closely intertwined with ne
w technologies. The Review Essay draws on selected episodes from the past 1
00 years to illustrate the three typical stages by which the legal system a
ccomodates new technologies: (1) disequilibrium; (2) adaptation and adjustm
ent; and (3) legislative consolidation. The final section of the Article in
troduces a cautionary contemporary note. As a byproduct of the increasing v
alue of intellectual property, there has recently been a rapid increase in
legislative activity, and concomitant lobbying activity. This changing poli
tical economy is greatly compressing the traditional three-step process, an
d may bypass it entirely in some circumstances. As a counterbalance to over
zealous legislation, courts may be forced to look to the constitutional fou
ndations of intellectual property as a source of limiting principles.