Whether Wrongful Death from Law and Economics View Could Satisfy Pareto Efficiency Criterion under US Law

The development of economics has had a significant impact on the research of legal scholars, as analyzing legal principles from an economic perspective has become increasingly prevalent. It also has particularly influenced the field of tort law. Supporters of the economic analysis of tort law argue that it should be as efficient as possible in balancing the rights and duties between tortfeasors and victims. This essay provides a brief discussion of wrongful death from a legal and economic perspective. It begins with an introduction to traditional tort law and its elements, followed by an examination of the economic theory regarding compensation for wrongful death. The essay then explores whether the wrongful death rule could satisfy the Pareto Efficiency Criterion, which is a fundamental concept in welfare economics that evaluates the desirability of a change in allocation based on the principle that no individual should be made worse off. By applying an economic lens to the analysis of wrongful death cases, this essay aims to contribute to the ongoing dialogue between law and economics and to shed light on how economic principles can inform and potentially enhance the understanding and application of tort law.