Product liability: the normative Austrian perspective

Henk Folmer (), Wim J.M. Heijman and Auke R. Leen

No 43020, Mansholt Working Papers from Wageningen University, Mansholt Graduate School of Social Sciences

Abstract: The paper is an exercise in a normative economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the essence of an efficient market process a system of caveat emptor follows. The paper also answers some possible criticisms from the mainstream neoclassical perspective.

Keywords: Consumer/Household; Economics (search for similar items in EconPapers)
Pages: 11
Date: 2001
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/43020/files/2001-01%20MP.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:wagmwp:43020

DOI: 10.22004/ag.econ.43020

Access Statistics for this paper

More papers in Mansholt Working Papers from Wageningen University, Mansholt Graduate School of Social Sciences Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().