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Product liability: the normative Austrian perspective

Author

Listed:
  • Folmer, Henk
  • Heijman, Wim J.M.
  • Leen, Auke R.

Abstract

The paper is an exercise in a normative economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the essence of an efficient market process a system of caveat emptor follows. The paper also answers some possible criticisms from the mainstream neoclassical perspective.

Suggested Citation

  • Folmer, Henk & Heijman, Wim J.M. & Leen, Auke R., 2001. "Product liability: the normative Austrian perspective," Mansholt Working Papers 43020, Wageningen University, Mansholt Graduate School of Social Sciences.
    • Handle: RePEc:ags:wagmwp:43020
    DOI: 10.22004/ag.econ.43020
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    Keywords

    Consumer/Household Economics;

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