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Legal process for fostering innovation

In: Research Handbook on Austrian Law and Economics

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  • Henry N. Butler
  • Larry E. Ribstein

Abstract

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.

Suggested Citation

  • Henry N. Butler & Larry E. Ribstein, 2017. "Legal process for fostering innovation," Chapters, in: Todd J. Zywicki & Peter J. Boettke (ed.), Research Handbook on Austrian Law and Economics, chapter 6, pages 109-128, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:13939_6
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    Economics and Finance; Law - Academic;

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