The article discusses the laws and economics of international intellectual property. It uses a fox hunt as a metaphor to explain tangible property laws and then applies it to different types of intellectual property. The focus is on U.S. patent law but also looks at other countries and types of intellectual property. The paper explores the international implications of intellectual property, including information spillovers. It warns against comparing intellectual property rights to trade in goods and highlights the need for a new model to value international intellectual property rights. The goal is to provide economists with a simple framework to analyze intellectual property across different countries and time periods.