Is the Tort System Costing the United States $865 Billion a Year? - in a word: no. Now I have to take back some of the mean things I said about Posner.
The authors’ estimate of the benefits (= costs) of the average foreign tort system, when subtracted from the $865 billion “cost” of our system, results (with some further adjustments) in an estimate of an annual excess of costs over benefits of almost $600 billion. The figure, however–the authors’ estimate of the net social loss created by our tort system–is, as I have tried to show, fictitious.
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