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
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
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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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