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 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 …

Why is modern society capable of cumulative innovation? In A Culture of Growth: The Origins of the Modern Economy, Joel …