Legal Policy and Innovation

When considering the optimal environment for economic growth and innovation one important part of the mix is a supportive legal structure.  This concern was highlighted in a recent paper titled “Legal Process and the Discovery of Better Policies for Fostering Innovation and Growth” by Henry N. Butler, the Foundation Professor of Law and Executive Director of the Law & Economics Center at George Mason University School of Law, and Larry E. Ribstein, the Associate Dean for Research, Mildred Van Voorhis Jones Chair, University of Illinois College of Law.

As highlighted by ShopFloor, a blog published by the National Association of Manufacturers, Butler and Ribstein advocated for a number of policies including a federal law that would address the behavior of contracting parties’ actions related to growth and innovation.  The authors call for a “market-type legal process that enables discovery of optimal rules.”

Some, meanwhile, have argued for a host of other legal reforms designed to foster innovation.  The Kaufman Foundation collected a series of essays in which leading scholars argued for immigration reform, tax reform, zoning reform and a host of other issues under the auspices of helping to foster growth and innovation.  Others still urge innovators not to neglect the intellectual property ramifications of innovation.

Posted by: Rachel Barker

Sources:  Innovation Tools, Kauffman Foundation, Shop Floor, Social Science Research Network

Photo Credit: US Supreme Court building, detail courtesy of flickr user jcolman

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One Response to Legal Policy and Innovation

  1. Pingback: Not Innovation, but The Innovator « America and the Global Economy

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