Liability in Cases of Damage Resulting from GMOs: an Economic Perspective

M.G. Faure, A. Wibisana

Research output: Chapter in Book/Report/Conference proceedingChapterAcademic

Abstract

The problems sketched in the introduction to this research project, being what the role of liability rules could be in case there is a presence of genetically modified organisms (gmos) in non-genetically modified crops is certainly a question that merits to be analysed from an economic perspective as well. Economic analysis of law or, as it sometimes shortly referred to “ law and economics” has paid a lot of attention generally to the question of how legal rules can be designed in such a way as to increase social welfare.1 in this respect, some attention has been paid to the use of gmos generally. That literature more particularly focuses on the uncertainties inherent in the use of gmos. Increasingly, economic analysis also deals with the question of how the law should react to risk and uncertainty. Hence, economists also provide an economic perspective of the precautionary principle. In that respect, economists have also paid attention to the question whether risky activities that have benefits to society but may also have uncertain negative consequences should still be allowed to take place or not. Traditional cost-benefit analysis has been supplemented with insights from behavioural law and economics to tackle these complicated issues. In that respect, law and economics has paid some attention to the acceptability of gmos, but that is obviously not the focus of this study.
Original languageEnglish
Title of host publicationEconomic Loss Caused by Genetically Modified Organisms. Liability and Redress for the Adventitious Presence of GMOs in Non-GM Crops
EditorsB.A. Koch
Place of PublicationVienna
PublisherSpringer
Pagesxii + 747
ISBN (Print)978-3-211-77987-3
DOIs
Publication statusPublished - 1 Jan 2008

Publication series

SeriesTort and Insurance Law
Number24

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