In an economic environment where technological disruption and regulatory upheaval are the norm, understanding innovation processes is essential to aggregate economic growth and individual companies’ survival. As a result, how innovations are produced in a wide range of markets has attracted a massive amount of scholarly and popular attention. Yet, few have focused upon how the legal infrastructure, to use Gillian Hadfield’s term, underlying those innovations develops over time to meet new market needs. We know more about how our iPhones were developed than how market institutions evolved to make the iPhone possible.
In a new … Read more