Risks and Wrongs

This book is concerned with the conflict between the goals of justice and economic efficiency in the allocation of risk, especially risk pertaining to safety. The book approaches the subject from the premise that the market is central to liberal political, moral, and legal theory. The first part of the book rejects traditional rational choice liberalism in favor of the view that the market operates as a rational way of fostering stable relationships and institutions within communities of individuals with broadly divergent conceptions of the good. However, markets are needed most where they are most difficult to create and sustain, and one way to understand contract law in liberal legal theory, according to this book, is as an institution designed to reduce uncertainty and thereby make markets possible.