The Meaning of Compensating Damages: Tort Law

Takayuki Furutani () and Shinjiro Miyazawa ()
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Takayuki Furutani: Kyoto Sangyo University
Shinjiro Miyazawa: Hosei University

Chapter Chapter 8 in Econo-Legal Studies, 2021, pp 185-208 from Springer

Abstract: Abstract In law, when an individual case is under dispute, the key question to consider is how to resolve the case. In this situation, the interpretation of the purpose of tort law is actively debated using judicial precedents and theories. Traditionally, the purpose of tort law is thought to be the pursuit of its endemic function, that is, providing remedies for the victim (i.e., compensation for damages). Conversely, in the study of economics, the main issues are the functions of tort law and ways to evaluate each of those functions. Moreover, rather than prioritizing the functional purpose of providing remedies for the victim (i.e., compensation for damages), economics prioritizes deterrence of the wrongful act, a function that is considered to be absolutely desirable above all else. Although the basic perspectives of law and economics on tort law differ in this manner, the basic notion that in principle, the rules of negligence liability apply and, in exceptional cases, the rules of strict liability may apply, which has been established through legal discussions and debate, can be justified (through consideration of tort law’s functions) from an economics perspective as well.

Date: 2021
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DOI: 10.1007/978-981-16-5145-8_8

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