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Life in the Tort Lane

Gunnar Peterson begins a post with:
American corporations spend more on tort litigation than R&D. Full stop.
and ends it with:
Tort litigation can be viewed as a spend since it protects existing assets, R&D is a speculative investment, what is the right balance?
I agree with everything in between those two quotes, and I probably agree with them, too.

However, too many people read this situation to mean that tort reform is the answer. Set legal limits on how much juries can award plaintiffs and corporations expenditures on tort lititgation will go way down. That particular outcome probably would result, but that’s not all that would happen. Continue reading