Home | Databases | WorldLII | Search | Feedback Edited Legal Collections Data

Butler, Henry N.; Ribstein, Larry E. --- "Legal process for fostering innovation" [2017] ELECD 1572; in Zywicki, J. Todd; Boettke, J. Peter (eds), "Research Handbook on Austrian Law and Economics" (Edward Elgar Publishing, 2017) 109

Book Title: Research Handbook on Austrian Law and Economics

Editor(s): Zywicki, J. Todd; Boettke, J. Peter

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849801133

Section: Chapter 6

Section Title: Legal process for fostering innovation

Author(s): Butler, Henry N.; Ribstein, Larry E.

Number of pages: 20

Abstract/Description:

This chapter shows that innovation depends at least as much on how laws are made as on a priori analyses of the optimal content of those laws. Legal process therefore is critical to the development of efficient policies for fostering innovation and growth. Of particular importance is whether the U.S. legal system promotes an efficient market for law. This analysis builds on central insights of Austrian economics and the role of institutions in supporting market processes. It shows how particular legal institutions can foster innovation by supporting a market for law.