The Causes and Effects of Liability Reform: Some Empirical Evidence / Thomas J. Campbell, Daniel P. Kessler, George B. Shepherd.

Format:

Book

Author/Creator:

Campbell, Thomas J.

Contributor:

National Bureau of Economic Research.

Kessler, Daniel P.

Shepherd, George B.

Series:

Working Paper Series (National Bureau of Economic Research) no. w4989.

NBER working paper series no. w4989

Language:

English

Subjects (All):

Economics.

Law reform.

Liability (Law).

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

The Causes and Effects of Liability Reform

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1995.

Cambridge, Massachusetts : National Bureau of Economic Research, 1995.

Summary:

We provide empirical evidence both on the causes and the effects of liability reforms. Using a newly collected data set of state tort laws and a panel data set containing industry-level data by state for the years 1969-1990, we (1) identify the characteristics of states that are associated with liability reforms and (2) examine whether liability reforms influence productivity and employment. We present two central findings. First, reductions in liability levels are associated with increases in measured productivity and employment in most industries that we studied. Second, liability reforms that reduce legal liability are generally positively correlated with measures of political conservatism.

Notes:

Print version record

January 1995.