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- W221814512 abstract "For decades, advocates of tort reform have argued that expansive products liability stifles economic activity by imposing excessive and unpredictable liability costs on businesses. Although politicians aspiring to create jobs, attract businesses, and improve the economy have relied on this argument to enact hundreds of reforms, it has largely gone empirically untested. No longer. Using the most comprehensive dataset to date on products liability reforms and economic activity, I find that many reforms that restrict the scope of products liability improve economic conditions. Specifically, these reforms increase the number of businesses, employment, and production in the industries that face most of the products liability claims: the manufacturing, retail, distribution, wholesale, and insurance industries. However, several other popular reforms have either a weak effect or no effect on economic activity. My results have important implications for recently enacted reforms and proposed legislation: while many of these reforms will improve economic conditions as lawmakers hope, others will have no effect. In the current economy, as business groups intensify their demands for tort reform, my findings provide critical evidence for courts and legislatures that are reassessing the appropriate scope of products liability.INTRODUCTION 258I. THE EVOLUTION OF PRODUCTS. LIABILITY LAW 262A. Early American Law 263B. Modern American Law 265C. The Liability Crisis 266D. A Period of Reform 2671. Statutes of Repose 2692. Reforms to Product- Seller Liability 2703. Reforms to Joint and Several Liability 2714. Reforms to the Collateral Source Rule 2725. Nonecono mie Damage Caps 2726. Punitive Damage Caps 2747. Comparative Negligence 2758. Other State-Level Reforms 2769. Federal Reforms 276II. BENEFITS AND COSTS OF PRODUCTS LIABILITY LAW 278A. Benefits of Products Liability Law 2791. Compensation of Victims 2792. Improvements in Product Safety 2813. Reduction in Purchases of Risky Products ....285B. Costs of Products Liability Law 2851. Excessive Transaction Costs 2862. Deterrence of Socially Beneficial Purchases 2873. Reduction in Economic Activity 287III. Empirical Analysis of the Relationship between Products Liability and Economic Activity 290A. Measures of Products Liability 291B. Measures of Economic Activity 2931. Number of Small Business Establishments 294a. Small Businesses 294b. High-Risk Industries 2962. Employment 2973. Gross State Product 298C. Econometric Methodology 298D. Empirical Results 3011. Business Establishments …" @default.
- W221814512 created "2016-06-24" @default.
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- W221814512 date "2013-01-01" @default.
- W221814512 modified "2023-09-23" @default.
- W221814512 title "Products Liability and Economic Activity: An Empirical Analysis of Tort Reform's Impact on Businesses, Employment, and Production" @default.
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