efficient systematic development and innovation at the local level, particularity during a time of economic crisis. The … establishment of Institutes of Local Development and Innovation (ITAK) is primarily geared towards promoting innovative …

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 …