There are, to me, two broad classes of copyright. One is for the "works of art", that is for things that people can enjoy (e.g., music). I suspect whatever choice we make the society would not be affected too much. I think your lifetime / 50 years is a bit too generous, but whatever.
IMO way more important is finding the right balance for the technology / know how. That is something that people want to replicate to learn, produce or improve things. The original idea of copyright makes sense, but with modern communication and prototyping speed, 5 years of exclusive use is the max we should give.
I think the society should focus on the technology part first; sadly, most of the discussion is about the royalties to noise generators :).