Risk management is nothing new, despite the increased attention given to the subject over the past decade or two. For well over one hundred years farmers have engaged in risk management, hedging their risks against price fluctuations in commodity markets. Unlike a family farmer, however, a...

Over the last few centuries laws have increasingly protected individuals and corporations from liability resulting from bad economic outcomes. This evolution in liability provisions, by many accounts, has significantly influenced both the level and distribution of contemporary economic output as...