Product Liability Entering the Twenty-First Century: The U.S. Perspective [NOOK Book]

Overview

Are liability "crises" an inevitable part of the modern industrial landscape? Does the inherent nature of the insurance industry promote recurring liability crises? What have been the effects of the liability reforms of the 1990s? Should lawyers be given de facto regulatory authority?

This report provides perspective on these and other key issues concerning the law and economics of products liability. The authors begins with a brief ...

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Product Liability Entering the Twenty-First Century: The U.S. Perspective

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Overview

Are liability "crises" an inevitable part of the modern industrial landscape? Does the inherent nature of the insurance industry promote recurring liability crises? What have been the effects of the liability reforms of the 1990s? Should lawyers be given de facto regulatory authority?

This report provides perspective on these and other key issues concerning the law and economics of products liability. The authors begins with a brief description of the evolution of products liability doctrine in the U.S., up to the point of the liability crisis of the late 1980s. They discuss the economic implications of product risk for both consumers and producers, offer economic hypothesis on the implications of the increased scope of liability and subsequent reforms, and provide an update of trends in litigation and liability law. The book ends with a discussion of pending legislation and prospects for further improvements.

Moore and Viscusi make the point that effective liability policy calls for a balancing of the incentives for improved public safety on one hand, and the benefits of new and existing products on the other.

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Product Details

  • ISBN-13: 9780815798798
  • Publisher: AEI-Brookings Joint Center for Regulatory Studies
  • Publication date: 5/13/2004
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 64
  • File size: 517 KB

Meet the Author

Michael J. Moore is a visiting associate professor at the Darden School of Business Administration, University of Virginia and a research associate at the National Bureau of Economic Research. W. Kip Viscusi is John F. Cogan Jr. Professor of Law and Economics and director of the Program on Empirical Legal Studies at Harvard Law School.

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Table of Contents

Foreword
Brief History of Products Liability 7
The Product Liability Crisis 10
Aftermath: 1988-89 13
Economic Model 14
Output, Entry, and Exit 15
Research and Development and Innovation Effects 16
Competitiveness 18
Stock Market and Other Effects 22
Evidence on the Consequences of Product Liability Risks 23
Evidence on the Effects of Product Liability Reforms 29
Policy Implications of Product Liability Reforms 34
Problems and Prospects of Mass Toxic Torts 37
Notes 40
References 41
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