A free-market view on accidents and torts
IEL Working Papers from Institute of Public Policy and Public Choice - POLIS
This paper analyzes the role of uncertain costs and liability in the free market context and compares it with Calabresi’s approach. Contrary to the mainstream literature, the free-market view claims that property rights should not be tampered with, that the tort-feasor should always be held liable and that the presence of unknown costs (accidents) makes no difference. In particular, bad luck is not enough to justify a claim on society. It is observed that Calabresi reaches the same conclusions as far as non-accidental costs are concerned, but tends to diverge from the free-market position in the presence of accidents. These views are illustrated by examining the respondeat superior doctrine and their implications are further developed by considering the case for unlimited liability.
Keywords: accidents; respondeat superior; unlimited liability; social responsibility (search for similar items in EconPapers)
JEL-codes: K10 K13 (search for similar items in EconPapers)
Pages: 26 pages
New Economics Papers: this item is included in nep-law
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Persistent link: https://EconPapers.repec.org/RePEc:uca:ucaiel:16
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