Arbeitspapier

Legal institutions, innovation and growth

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment problems are severe. For mature technologies the two legal systems are equivalent. We find that rigid legal systems may induce excessive (greater than first-best) R&D investment and output growth.

Sprache
Englisch

Erschienen in
Series: CESifo Working Paper ; No. 3489

Klassifikation
Wirtschaft
Innovation; Research and Development; Technological Change; Intellectual Property Rights: General
Institutions and Growth
Economics of Regulation
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Thema
legal system
commitment
flexibility
innovation
growth

Ereignis
Geistige Schöpfung
(wer)
Anderlini, Luca
Felli, Leonardo
Immordino, Giovanni
Riboni, Alessandro
Ereignis
Veröffentlichung
(wer)
Center for Economic Studies and ifo Institute (CESifo)
(wo)
Munich
(wann)
2011

Handle
Letzte Aktualisierung
20.09.2024, 08:22 MESZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Anderlini, Luca
  • Felli, Leonardo
  • Immordino, Giovanni
  • Riboni, Alessandro
  • Center for Economic Studies and ifo Institute (CESifo)

Entstanden

  • 2011

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