Explain the economic efficiency theory of tort liability and describe the reasoning behind this theory. Then, using the factory example in Section 5.3 of our digital book, show how the economic efficiency theory works to provide the factory owner with an incentive to avoid harm in the first place and therefore serves as a deterrent.
Explain the corrective justice theory of tort liability and describe the reasoning behind this theory. Then, using the factory example in Section 5.3 of our digital book, show how the corrective justice theory works to provide justice in the sense of “undoing the injury.”
Compare and contrast the economic efficiency and corrective justice theory by pointing to at least two key differences between the two approaches and point to the theory you find most persuasive, explaining your reasons why.
Did you describe in detail the economic efficiency theory of tort liability and relate it to the factory example?
Did you describe in detail the corrective justice theory of tort liability and relate it to the factory example?
Did you describe in detail at least two key differences between the economic efficiency theory and the corrective justice theory and explain which one you find most persuasive?
Did you cite your sources using in-text citations and match them up with references in APA format at the end of your paper?
officials were arrested for these actions however this is only one of the many cases of over supply of budget in government ministries. Such acts of exploitation put the citizens of Nigeria at the risk of exposure to poverty. Figure 4: Graph showing the increase in government spending Source: http://www.imf.org/external/country/ Despite the increase in the Nigerian government’s revenue, as seen above it is evident that the Nigerian government is spending more than it is making therefore leaving the government’s account balance in a deficit. Internal Conflicts At the moment, Nigeria is facing many internal issues such as terrorist organisations and tribalism. Nigeria consists of many ethnic groups with the two biggest ethnic groups in terms of population size and political power being, Hausas and Yorubas. Currently there are many economic conflicts between the two ethnic groups with regards to land ownership and political power. As a result of this many startups from each ethnic groups are often vandalised due to the intolerance the two ethnic groups have. Terrorist organisations such as Boko Haram slow down economic development as funds that should have been used to develop the country are being injected into fighting the terrorist organisation. Towns and villages attacked are often seized by these terrorist organisations and are run in accordance to the terrorist organisations demands, which hits business operations in seized places such as the Northern town of Chibok. Not only does it affect businesses but it also leads to a brain drain as many potential workers are fearful for their wellbeing. This creates a large diaspora of well educated Nigerians seeking jobs in other parts of the world as they are fearful of returning home. Having a large diaspora can be beneficial too as remittances are obtained as is the case with Nigeria. According to the World Bank 20.829 billion USD were sent back to Nigeria from nationals living abroad in 2014.>GET ANSWER