Need for Economic Remedies with the Increase in Product Liability Cases in the Twenty-First Century

With globalization and technological advancements and setting of newer industrial hubs, cases of product liability have been on the rise. Product liability cases increase when the manufacturers, distributors, suppliers, retailers, and other entities offer products for sale in the market and the products sold have defects causing injuries to the consumers. For example, the Swedish Furniture Retailer IKEA sold the wall mount for free and the purchasers were not well informed about the defect of the furniture. The defect in the furniture was its propensity to topple which resulted in injuries including death of toddlers. Other notable examples are brands such as Johnson and Johnson selling baby products, talcum powder, TRESemmé shampoo products, and Nestle Maggi Food products. The present study will investigate product liability cases through case studies and use a cost–benefit analysis, diagrams, and other methods of deterrence followed by economic remedies with suggestions.