TEA.8.3

$25.00

Tort Remedy in the Law versus Economic Restitution for Personal Injury and Wrongful Death

Fitzgerald, Patrick and Kurt V. Krueger. 2006. “Tort Remedy in the Law versus Economic Restitution for Personal Injury and Wrongful Death.”  The Earnings Analyst  8: 27-38.

Description

When harm is inflicted on a victim in a tort, the victim usually incurs a cost and societies have developed tort laws in order to allow their victims the ability to recover those costs. Much of the legal literature regarding appropriate tort remedy has to do with the questions ‘for what to compensate the victim’ and ‘who pays the cost?’ Differing from the legal view, the general economic study of appropriate tort remedy focuses on efficiency in optimal tort cost reduction, namely to minimize the sum of the costs of accidents and the costs of avoiding them. In this paper, we offer some comparisons between the nature of tort remedy in the law and economics and the tort damages that are often calculated in forensic economics (which are guided by jurisdictional evidentiary rules and the choice of economic methodology to calculate loss). In particular, we focus on the treatment of lost earnings as a measure of legal and economic damages.

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