Lw nd Econoics, 2.0:
understnding the Link Between Lw,Innovtion, nd Growth
RoBeRT e. lITan, Ph.D.
Vic Prsidt, Rsrch d Picy, ewig mri Kuff Fudti
It is widely nderstood tht the “rle o lw” is essentil or econoies togrow, nd ths or living stndrds o their popltions to dvnce.In trn, it lsois widely recognized tht growth is best chieved throgh contined innovtion:the developent o new prodcts, new services, nd new wys o doing thingstht ke society ore prodctive.Bt how ch lw, nd wht kinds o lw, re essentil or innovtion nd growth?and wht lws or legl instittions y inhibit both?We know soe nswers to these qestions bt re r ro knowing the ll. orexple, we do know tht certin eleents o legl inrstrctre re essentilto proote econoic ctivity generlly nd innovtion in prticlr:
rights, enorced i necessry by n iprtil jdicil syste, in the interesto profts they ern on these investents.
new, coercilly sel knowledge they develop. at the se tie, ny
Kauffman Thoughtbook 2009
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