We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development — periods when legal …

. Outsourcing decisions then balance flexibility gains against hold-up costs of opportunistic behaviour by outside contractors. In …

In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time …

simulation to provide substantial stabilization for the exchange rate while retaining considerable flexibility and robustness in …

-stage game with uncertainty it is demonstrated that location is influenced by both flexibility and strategic concerns. We show …