Is the current term for US patent protection too long and does it stifle or encourage innovation? Do mergers restrain trade and commerce? How does one regulate a monopoly and establish parameters for pricing? How does one even identify a monopoly? These questions are among the many that twenty-one recent law school and public policy school graduates and students are grappling with over a two-week period in the inaugural Hoover IP² summer teaching institute on the economics and politics of regulation.