may even reduce welfare. The reason is that it crowds out proprietary innovation which on net may reduce total innovation … in the long run. These effects would be reinforced if philanthropical innovation diverted people from other productive …

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 … excessive (greater than first-best) R&D investment and output growth. -- legal system ; commitment ; flexibility ; innovation …

The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists … productive and active VC industry boosts innovation driven growth. …