According to Richard Epstein, the laws that were once applicable to intellectual property in the past now face the challenge that they cannot be applied to the technological era we are now living in. Therefore, he talks about the intellectual property for the technological age and the rights applied to this new form of possession. He gives a brief comparison between common and Roman law and the achievements that the latter has accomplished. He also speaks about property rights and its cost of opportunity as well as the consequences of a private system of property. Epstein comments on the subjects of patent rights and copyrights, the costs of the patent system, the role of state monopolies, and also illustrates the experience that the United States has had in relation to copyrights. Furthermore, he explains the consequences of cheap patent rights, the intellectual property transfer through the licensing program, and the similarities and differences between property and intellectual property rights.