> For example, you give a drug researcher a patent on their discovery, that discourages innovation on making that new drug cheap and readily available.

The pharmaceutical industry is also very highly regulated and so without some protection of profit you actually are likely to end up in a situation in which innovation doesn’t occur because it costs a lot of money to build new pharmaceutical products and if you build them and someone can just reverse engineer it and sell it cheaply you’ve switched your competition model from rewarding the development, however imperfect, of new drugs to rewarding a race to the bottom on cost and increasingly thin supply chains propped up by cost-cutting measures. With more regulations you probably need stronger IP protections as well.

> Property rights are not the only way to create profit. That's a very capitalistic mindset. Plenty of societies have functioned adequately without our current form of property rights, either physical or intellectual.

Well it’s good to have a capitalistic mindset since so far that has been without a doubt the best economic model that has worked for humankind, even including the negative repercussions, but you shouldn’t throw the baby out with the bath water when it comes to IP. It’s a bit like “free” trade - if the US was, for example, completely open with IP and China isn’t they simply take your IP, build cheaper products, and then funnel profits into IP protected drugs. It’s a lose-lose. Don’t let communists and other such authoritarians confuse you about how the world actually works.

We can also reform some IP for certain industries. When it comes to trade secrets maybe we protect those. Internet content? Who cares? It’s almost universally useless and not economically valuable so there isn’t any need to solve the problem of capturing monetary value. One of the best potential effects of AI would be that it could wipe out all of these useless content creators and pundits leaving only the good stuff left (established institutions like the NYT and truly great content creators - Khan Academy for ex).