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 importance of innovation for the economic performance of industrialized countries has been largely stressed … innovation, is the key parameter in determining sustained growth in a model with endogenous technological change. This paper … takles the extremely important task of identifying and estimating a production function of innovation for European regions …

We empirically investigate whether the persistence of politicians in political institutions affects the innovation …' innovation activity. However, once the causal effect is isolated by means of instrumental variables, using death of politicians … persistence and the probability of process innovation. This finding is consistent with the view that political stability may …