Many controversies surround the U.S. tort system, which holds parties liable for injuries to people or property. Critics charge that the system is costly & inefficient, arbitrary & open to abuse, & indirectly harmful through its adverse effects on econ. vitality & consumers' choices. Defenders argue that the tort system serves important social objectives, such as compensating injury victims, improving product safety, & punishing egregious behavior. This study presents an economic perspective on tort liability (TL). It outlines the strengths & weaknesses of TL as a tool for promoting economic efficiency & fairness, discusses the benefits & costs of the tort system, & analyzes the likely effects of various policy options for altering the system.Holtz-Eakin, Douglas is the author of 'Economics of US Tort Liability : A Primer', published 2004 under ISBN 9780756739386 and ISBN 0756739381.