When many parties are causally near an accident, liability law today encourages suing the deep pockets nearby, inducing too much care by deep pockets, & too little by others. Requiring all to have tort liability insurance can solve this. But law&econ my students hate this idea.
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Replying to @robinhanson
I think it should work a little different. If I accidentally hurt someone, their insurance should cover the medical bill. Then my insurance should redeem their insurance for the bill. My insurance rates go up, since I am a risky person. No law suit or gov interaction at all.
1 reply 0 retweets 4 likes -
Replying to @zack_bitcoin
Law is the process that decides that your insurance should pay rather than their insurance.
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Replying to @robinhanson
That sounds like one-size-fits-all monopoly insurance. Everyone wants different coverage. Depending on what they can afford and their personal risk profile. If one insurance company has bad service, customers will go to the competition.
1 reply 0 retweets 0 likes
Requiring insurance is not the same as requiring a particular insurance provider.
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