Legal Institutions, Innovation and Growth

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment problems are severe. For mature technologies the two legal systems are equivalent. We find that rigid legal systems may induce excessive (greater than first-best) R&D investment and output growth

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Year of publication:	2014
Authors:	Anderlini, Luca
Other Persons:	Felli, Leonardo (contributor) ; Immordino, Giovanni (contributor) ; Riboni, Alessandro (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Innovation \| Institutionelle Infrastruktur \| Institutional infrastructure \| Rechtsordnung \| Legal system \| Wirtschaftswachstum \| Economic growth \| Forschung \| Research \| Flexibilität \| Flexibility

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Extent:	1 Online-Ressource (43 p)
Series:	CESifo Working Paper Series ; No. 3489
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 15, 2011 erstellt
Other identifiers:	10.2139/ssrn.1865170 [DOI]
Classification:	O30 - Technological Change; Research and Development. General ; O43 - Institutions and Growth ; L51 - Economics of Regulation ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013067864