LEGAL INSTITUTIONS, INNOVATION, AND GROWTH
比较了刚性法律体系（法律在技术创新前设定）与柔性法律体系（法律在新技术出现后设定）对福利、创新量和产出增长的影响，发现柔性体系在技术发展的中间阶段更优，刚性体系在早期阶段更优。
We analyze the relationship between legal institutions, innovation, and growth. We compare a rigid legal system (the law is set before the technological innovation) and a flexible one (the law is set after observing the new technology). The flexible system dominates in terms of welfare, amount of innovation, and output growth at intermediate stages of technological development—periods when legal change is needed. The rigid system is preferable at early stages of technological development, when commitment problems are severe. For mature technologies, the two legal systems are equivalent. We find that rigid legal systems may induce excessive R&D investment.