Thursday, August 22, 2013
Keith Hylton (Boston University) has posted to SSRN The Economics of the Restatement and the Common Law. The abstract provides:
The common law process appears to have checks and balances that prevent the self-interest of a particular embedded actor (judge or lawyer) from having a substantial distortive effect. The question that follows is whether the Restatement project is also immune, to the same extent as the common law, from the self-interested incentives of actors involved in its creation. I argue that the Restatement process is far more vulnerable to distortion from self-interest than is the common law process.
Wednesday, August 21, 2013
The Oklahoman Speaker of the House has reportedly stated that "it will take 26 to 28 separate bills to reenact the lawsuit reform legislation of 2009." The OK Supreme Court struck down the tort reform bill back in June. More from the Oklahoma Watchdog.
Tuesday, August 20, 2013
Monday, August 19, 2013
The Chamber's Institute for Legal Reform recently released International Comparisons of Litigation Costs: Europe, the United States and Canada. From the description:
The purpose of this study is to compare liability costs – a phrase used here to describe the costs of claims, whether resolved through litigation or other claims resolution processes – as a fraction of GDP across Europe, the U.S. and Canada. General liability insurance sold to companies provides a basis for comparison because it covers similar types of liability costs in each country....
Key findings are as follows:
The U.S. has the highest liability costs as a percentage of GDP of the countries surveyed, with liability costs at 2.6 times the average level of the Eurozone economies (see Figure 1).
U.S. liability costs are four times higher than those of the least costly European countries in our study – Belgium, the Netherlands and Portugal.
- Although the U.S. has by far the most costly liability system, our analysis shows that liability costs in the U.K., Germany and Denmark have risen between 13% and 25% per year since 2008.