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A free-market view on accidents and torts

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  • Colombatto, Enrico

Abstract

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.

Suggested Citation

  • Colombatto, Enrico, 2013. "A free-market view on accidents and torts," IEL Working Papers 16, Institute of Public Policy and Public Choice - POLIS.
    • Handle: RePEc:uca:ucaiel:16
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    References listed on IDEAS

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    1. Sven-Olof Collin, 1996. "Bad Losers: An Investigation of the Morality of the Limited Liability of Shareholders in a Joint Stock Company," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(1), pages 283-289, March.
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      More about this item

      Keywords

      accidents; respondeat superior; unlimited liability; social responsibility;
      All these keywords.

      JEL classification:

      • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
      • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics

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