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Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe

Niklas Elert (), Magnus Henrekson () and Mikael Stenkula ()

No 1150, Working Paper Series from Research Institute of Industrial Economics

Abstract: It is imperative that the economies of the European Union become more entrepreneurial to promote innovation and economic growth. To achieve these goals, we propose a reform strategy with respect to (i) the rule of law and the protection of property rights; (ii) the tax system; (iii) regulations governing savings, capital and finance; (iv) the organization of labor markets and social insurance systems; (v) regulations governing goods and service markets; (vi) regulations governing bankruptcy and insolvency; (vii) R&D, commercialization and knowledge spillovers; (viii) human capital investments; and (ix) informal institutions. Overall, the proposed institutional changes move in a liberalizing direction; however, one-size-fits-all policy reforms aimed at freer markets will not necessarily be successful. Instead, a successful reform strategy must consider country differences that affect the viability of reform without abandoning the long-term goal of institutional liberalization to promote entrepreneurship, innovation and growth

Keywords: Entrepreneurship; European Union; Innovation; Institutions; Policy reform; Regulation; Self-employment (search for similar items in EconPapers)
JEL-codes: L26 L50 M13 O31 P14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino and nep-sbm
Date: 2017-01-26, Revised 2017-02-16
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12) Track citations by RSS feed

Published as the book Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe, 2017, Springer.

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Persistent link: https://EconPapers.repec.org/RePEc:hhs:iuiwop:1150

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