Product liability: the normative Austrian perspective

The paper is an exercise in a normative economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the essence of an efficient market process a system of caveat emptor follows. The paper also answers some possible criticisms from the mainstream neoclassical perspective.


Issue Date:
2001
Publication Type:
Working or Discussion Paper
Record Identifier:
http://ageconsearch.umn.edu/record/43020
PURL Identifier:
http://purl.umn.edu/43020
Total Pages:
11
JEL Codes:
B29; K12; K13
Series Statement:
Mansholt Paper
01




 Record created 2017-04-01, last modified 2018-01-22

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