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 …

flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …

rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also …

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 …

We show the effects of the bargaining power of labour unions on product innovation under decentralised and centralised … union bargaining power increases innovation if bargaining is decentralised, the market expansion effect is weak and the cost … of innovation is moderate but low. Otherwise, a higher union bargaining power reduces innovation. Hence, whether a higher …

at the firm level. Product innovation is a key factor for successful market entry in models of creative destruction and … Schumpeterian growth. Process innovation helps securing a firm’s market position given the characteristics of its product supply …. Both modes of innovation are expected to raise a firm’s propensity to export. According to new trade theory, we conjecture …

Immigrants are widely perceived as being highly entrepreneurial and important for economic growth and innovation. This …

-return characteristics of the selected innovation project and the mode of commercialization chosen by entrepreneurs (market entry versus sale …