Products Liability Problem

Abstract

This paper presents an analysis of the changing impact of products liability risk on various individuals, firms, and institutions in today's society. After defining products liability and products liability risk, the pendulum-like evolu tion of products liability law is documented. Then an analysis of some of the most important factors responsible for the recent increases in the frequency and severity of products liability litigation is presented. Several of these elements have appar ently combined to produce a synergistic increase in products- related lawsuits. These elements include recent development in the law of products liability, together with a newly emerging products claim consciousness, public concerns about product safety, and the plethora of old and new products in use today. Finally, the paper concludes with an analysis of the potential impact of enacting one or more of the many proposed solutions to the problem of products liability risk.