Extending Copyrights: Elvis Is Not Going To Produce Any More Recordings In 1957

I think most people have a very confused view of what copyrights are for.

As usual, Richard Stallman clarifies this in his simple pointed words:  Misinterpreting Copyright

Further clarification from Larry Lessig:  

"[There is] fallacy in any public policy argument that tries to suggest there is an economic harm from failing to extend the term of an existing copyright. The key is the distinction between social value and individual value."

Yes..  Social Value vs. Individual Value.
I especially love Lessig's quote here about the "tax" (yes, it is a social tax or trade-off) of extending copyrights:

"The work is already produced. No matter what we do today, Elvis is not going to produce any more recordings in 1957. So it is a tax that benefits some plainly, but benefits society not at all."