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The Economics of U.S. Tort Liability: A Primer
Author:
Publisher:
Published: 2003
Total Pages: 40
ISBN-13:
DOWNLOAD EBOOK →Many controversies and policy issues surround the U.S. tort system, which holds parties liable for injuries to people or property. Critics charge that the system is costly and inefficient, arbitrary and open to abuse, and indirectly harmful through its adverse effects on economic vitality and consumers' choices. In contrast, defenders argue that the tort system serves important social objectives, such as compensating injury victims, improving product safety, and punishing egregious behavior. Several bills now before the Congress propose to change the rules that govern tort claims for medical malpractice and asbestos exposure and claims litigated as class actions. This Congressional Budget Office (CBO) study-prepared at the request of the Senate Budget Committee-attempts to clarify the issues and policy options surrounding the tort system by presenting an economic perspective on tort liability. The study outlines the strengths and weaknesses of tort liability as a tool for promoting economic efficiency and fairness, discusses the available data on the benefits and costs of the tort system, and analyzes in qualitative terms the likely effects of various policy options for altering the system. In keeping with CBO's mandate to provide objective, impartial analysis, this study makes no recommendations.
Impact of the Product Liability System on Small Business
Author: United States. Congress. House. Committee on Small Business. Subcommittee on SBA, the General Economy, and Minority Enterprise Development
Publisher:
Published: 1992
Total Pages: 142
ISBN-13:
DOWNLOAD EBOOK →The Liability Maze
Author: Peter W. Huber
Publisher: Brookings Institution Press
Published: 2010-12-01
Total Pages: 529
ISBN-13: 0815720181
DOWNLOAD EBOOK →With an ever-increasing number of liability lawsuits, are corporations electing to play it safe rather than risk the uncertainties accompanying innovation? In The Liability Maze experts address the issues surrounding safety and innovation and present the most detailed and comprehensive study to date on the actual impact of U.S. liability law. In recent decades it has been widely assumed that liability laws promote safety by significantly raising the price companies must pay for negligence, product defects and accidents. More recently, others have suggested that the broad and unpredictable sweep of these laws actually deters innovation. The risks of lawsuits are so great that corporations are showing more caution in product innovation than ever before. The contributors focus on five sectors of the economy where the liability system appears to have had the greatest effects, positive or negative: the private aircraft, automobile, chemical, and pharmaceutical industries, and the medical profession. They suggest that in many sectors liability law has hampered innovation. In others it has stimulated safety improvements, although perhaps not so much as vigilant safety regulations.
The Economics of US Tort Liability
Author: Perry Beider
Publisher:
Published: 2004-02-01
Total Pages: 33
ISBN-13: 9780756739386
DOWNLOAD EBOOK →Many controversies surround the U.S. tort system, which holds parties liable for injuries to people or property. Critics charge that the system is costly and inefficient, arbitrary and open to abuse, and indirectly harmful through its adverse effects on econ. vitality and consumers' choices. Defenders argue that the tort system serves important social objectives, such as compensating injury victims, improving product safety, and punishing egregious behavior. This study presents an economic perspective on tort liability (TL). It outlines the strengths and weaknesses of TL as a tool for promoting economic efficiency and fairness, discusses the benefits and costs of the tort system, and analyzes the likely effects of various policy options for altering the system.
Research Handbook on the Economics of Torts
Author: Jennifer Arlen
Publisher: Edward Elgar Publishing
Published: 2013-11-29
Total Pages: 668
ISBN-13: 1781006172
DOWNLOAD EBOOK →Focusing on issues of vital importance to those seeking to understand and reform the tort system, this volume takes a multi-disciplinary approach, including theoretical economic analysis, empirical analysis, socio-economic analysis, and behavioral anal
The Economic Consequences of Liability Rules
Author: Roger Meiners
Publisher: Praeger
Published: 1991-07-30
Total Pages: 256
ISBN-13:
DOWNLOAD EBOOK →Written by specialists in law and economics, this book studies the role of liability rules in an effort to illustrate the possible consequences of statutory tampering with them. The contributors explain how statutory and common law liability rules evolved, how they work in current practice, and how changes in rules can alter economic outcomes in significant and unintended ways. Although price theory is the primary analytical tool employed in the study, the contributors also provide a wealth of institutional detail intended to illuminate the structure and operation of forces at work when questions of product or service liability arise. Throughout, the contributors focus on the effects of individual decision making: how incentives faced by individuals are affected by liability rules and how the collective actions of purposeful individuals working in private markets and through the political process affect social outcomes. Among the specific topics addressed are using liability rules to deter government takings, the impact of government liability on private risk avoidance, the allocation of product liability by market share, liability and environmental quality, the effects of the flammability rule, deposit insurance and the savings and loan fiasco, and the political debate over automobile air bags. The contributors conclude that attempts to remedy alleged defects in the common law by legislative edict are not well grounded. Ideal as supplemental reading for courses in business and government, this volume will also be of significant interest to students of law and economics.
Product Liability and the Economics of Pharmaceuticals and Medical Devices
Author: Steven Garber
Publisher: RAND Corporation
Published: 1993
Total Pages: 272
ISBN-13:
DOWNLOAD EBOOK →This study examined the economic effects of product liability on firms producing drugs and medical devices. The study found that the liability system enhances the economic contributions of the industries in some ways.
Reforming Products Liability
Author: W. Kip Viscusi
Publisher: Harvard University Press
Published: 1991
Total Pages: 296
ISBN-13: 9780674753235
DOWNLOAD EBOOK →Drawing on liability insurance trends and litigation patterns, Viscusi shows that the products liability crisis is has been developing for decades. He argues that the principal causes have been the expansion of the doctrine of design defect, the emergence of mass toxic torts, and an increase in lawsuits involving hazard warnings.
The Economics of Artificial Intelligence
Author: Ajay Agrawal
Publisher: University of Chicago Press
Published: 2024-03-05
Total Pages: 172
ISBN-13: 0226833127
DOWNLOAD EBOOK →A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
