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Unformatted text preview: manage future risks without chilling innovation too much In the next few weeks, well be looking at the role of courts in addressing some of these risks: namely the risks of injury and environmental degradation Definition Tort law- brand of civil law, which deals with wrongful acts involving injuries to person, property or reputation (Note: it excludes damages resulting from a breach of contract.) Insurance- a private contract or public regulatory system, which spreads the risk of individual loss Why the Change? Friedman Arguments Spread of Insurance (which eliminates risk of bankrupting key businesses) Rise in public expectation for compensation (both because of rise in insurance and liberalization of tort law) Technological advances (especially in industrial design) Increase in social distance (and hence greater reliance on courts)...
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- Fall '06
- Public Policy