Friday, May 12, 2006
The press release at the American Justice Partnership (a project of NAM) is entitled "New Study Creates Tool To Predict Future State Economies Based on Impact of Civil Justice Systems," while the PRI title is somewhat less ambitious: "Pacific Research Institute Releases First Objective State-By-State Ranking of the Best and Worst Tort Systems in America," but still has this prediction of, well, predictive abilities:
“What’s unique about this study is that it uses objective data, and with that data, can predict the winners and losers in the race for jobs and business investment. For states that don’t institute reforms – a metric factored into the ranking – the writing is on the wall,” said Dr. Lawrence J. McQuillan, co-author of the study and director of Business and Economic Studies at PRI.
The Houston Chronicle story notes something not highlighted in former Michigan Governor Engler's introduction to the report:
It's unclear how much Texas' reforms have translated into economic growth. McQuillan said protections against frivolous lawsuits do not guarantee a business boom. Michigan, for example, ranks fifth in the study, yet has a struggling economy.
"The business climate is a rich mosaic," McQuillan [from PRI] said. "It's not just one thing."