Contract inflexibility seems to stem from two motivations: the urge to control the future, and a quest to improve economic efficiency. In thinking about whether and how contract inflexibility might be reduced, those human motivations must be taken into account. Reforms aimed at greater...

The economic and social roles of Intellectual Property Rights (IPRs) are among the most puzzling mysteries of the current literature. The British Industrial Revolution initiate the era of a sustained economic growth all over the word and established institutions that have important effects even...