Law and economics are both hostile to liability for exposure to risk without actual harm. Harm is the foundation of civil remedies. Economics teaches that adequate compensation in the event of harm eliminates risk, obviating the need for compensation for exposure. I show that if there is risk...

The current approach to “reverse payment” settlements of drug patent litigation seeks to preclude only those settlements guaranteed to harm consumers, rather than all that could harm them. Antitrust tolerates the possibility of harm in order to give firms the freedom to make settlements that...