Does product liability law make economic sense? Ask a random group of economists and you will get, in all probability, three basic answers: 1) yes, sort of; 2) no, sort of; and 3) maybe, it depends.
The question of the economic rationale (or lack of rationale) behind product liability law arises periodically along with calls for reform of product liability law. There is no shortage of writing on this subject, and if you search diligently through the pile, you can pretty much be assured of finding at least two or three learned opinions with which to support any side of any argument.
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