I'm writing an essay and need help coming up with economic reasons to to be against Caps on Punitive Damages. Google is not turning up what I need. I need how will implementing this program be bad economically?

Did you check these sites?

http://www.google.com/webhp?source=search_app#q=Caps+on+Punitive+Damages+pro+con

I have checked some of these sites and while it gives me the pros and cons, I don't see a reason why or how implementing this program will affect us economically?

Remember that economics describe anything concerned with money. If there's no limit on damages, ultimately it's the patients or clients who pay in the form of increased prices.

When it comes to evaluating the economic consequences of implementing caps on punitive damages, it is important to consider multiple viewpoints. Since you are looking for economic reasons to be against caps on punitive damages, I will provide you with some potential arguments against such measures:

1. Diminished deterrence: One argument is that punitive damages serve as a deterrent to prevent companies or individuals from engaging in harmful or negligent behavior. By capping punitive damages, the financial incentive to avoid engaging in these behaviors may diminish. With reduced potential liability, there may be less motivation for businesses to invest in safety measures or take precautionary actions, potentially leading to increased risks and accidents.

2. Inadequate compensation: Critics of caps on punitive damages argue that they can limit the ability of victims to receive appropriate compensation for their losses. Punitive damages are specifically intended to punish wrongdoers and provide restitution to victims. By implementing caps, victims may be left undercompensated, particularly in cases where extreme harm or negligence has occurred.

3. Unfair advantage to wrongdoers: Critics suggest that by capping punitive damages, wrongdoers may be able to avoid serious financial consequences for their actions. This can create an unfair advantage for companies or individuals who engage in harmful or negligent behavior, as they may consider potential fines or damages as merely a "cost of doing business." In other words, removing the threat of substantial punitive damages may reduce the incentives for responsible behavior, resulting in economic inefficiencies.

4. Impact on insurance rates: Insurance companies play a crucial role in protecting individuals and businesses from liability. Critics argue that if caps on punitive damages are implemented, insurance companies may face difficulties in accurately pricing their policies. This may lead to increased insurance premiums across the board, affecting both individuals and businesses negatively.

To uncover more specific economic arguments against caps on punitive damages, it can be helpful to explore academic journals, reports from economic think tanks, or consult with legal and economic experts who have studied this topic extensively.