Risks and Wrongs
This major new book by one of America's preeminent legal theorists is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The author approaches his subject from the premise that the market is central to liberal political, moral, and legal theory. In the first part of the book, he rejects traditional 'rational choice' liberalism in favor of the view that the market operates as a rational way of fostering stable relationships and institutions within communities of individuals with broadly divergent conceptions of the good. However, markets are needed most where they are most difficult to create and sustain, and one way to understand contract law in liberal legal theory, according to Professor Coleman, is as an institution designed to reduce uncertainty and thereby make markets possible.
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The goals of tort law
Fault and strict liability
The economic analysis of torts
Reciprocity of risk
Causation responsibility and strict liability
Liability and recovery
The mixed conception of corrective justice
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accident agents agreement argue argument causation Chapter claim to repair collective rationality compensation competition compliance conception of corrective conduct consent constraints contract curve contract law corrective jus court create default rule defection defendant distributive justice duty to repair economic analysis efficient enforce ex ante ex post excuses fault liability framework grounds harm implement corrective justice imposing liability incentive individual rationality inefficient injurer's justice to repair justified legitimate liability and recovery liability rules litigation manufacturers market failure market paradigm moral negligence norms outcome Pareto optimal perfect competition political practice prisoner's dilemma products liability property rules rational bargaining rational choice rational choice theory rational cooperation reasons for acting rective justice reduce relationship relevant requires responsibility sense Sindell social someone sort strict liability substantive theorists tice tion tional tive justice tort law tort liability transaction costs transaction resources victim's loss wrongdoer wrongdoing wrongful gains wrongful losses