The two goals of tort law are to compensate victims and to deter unsafe behavior. This paper judges whether changes are needed in the current system by looking at how well it meets these goals. The current system is inefficient and ineffective. Three reforms are analyzed and suggested: contingency-fee reform, the elimination of punitive damages for corporations and large business, and the creation of a no-fault system of compensation for the worst areas of tort law. By enacting these reforms billions of dollars could be saved, while leaving the goals of tort law intact.
Major Themes in Economics
©2004 by Major Themes in Economics
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This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
"A Look at the Inefficiencies of the U.S. Tort System and Reforms to Correct Them,"
Major Themes in Economics, 6, 49-60.
Available at: https://scholarworks.uni.edu/mtie/vol6/iss1/6