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Rules for Growth: Promoting Innovation and Growth Through Legal Reform

Posted By Susannah Eastham, Aspen Institute, Tuesday, August 25, 2015
Updated: Tuesday, June 16, 2015

Three years ago the Kauffman Foundation began funding legal scholars and economists to study, research, and write about the way in which the legal system—the contents of specific laws, judicial doctrines, and regulation, as well as the legal processes—affects innovation and growth. This was both a familiar and novel undertaking for many of the scholars involved. It was familiar because for the past several decades, an increasing number of scholars had already been investigating the way in which the law affects economic efficiency, in the sense of improving or adversely affecting the production of goods and services using existing inputs of labor, capital, and ideas. But the initiative also was novel in that it asked the scholars to move beyond the “static” analysis of the extant “law and economics” literature and begin to investigate how the law was affecting what economists call “dynamic efficiency,” or the maximum rate at which the production of goods and services can grow with the right institutions and policies in place.

Our Foundation has a special interest in economic growth because our founder, Ewing Marion Kauffman, strongly believed that entrepreneurs were the key to innovation and growth, and that only growth would advance living standards. 

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Tags:  Economic Growth  innovation  legal  Sector publication 

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