Tortious Law and Econ – An Automobile Accident Example

Tort comes from a French word that means injury. Tortious law from an economical point of view covers situations when the transaction cost of bargaining is too high for both parties to agree in advance. What do I mean by agree in advance? Two economists, Robert Cooter and Thomas Ulen, state tort law is; “the…

Trucker Kills Illinois DOT Worker in Tollway Crash, Pleads Not Guilty

Renato Velasquez entered a not guilty plea through his attorney, Steven Goldman. Goldman said, “As expected, he’s concerned.” The fatal crash that killed Illinois Department of Transportation Tollway worker, Vincent Petrella, and injured Illinois State Trooper, Douglas Balder, occurred on January 27, 2014. Trooper Balder was working to remove a stalled semi-truck along with the…