The total social harm caused by everyone is often verifiable, and the harm that each actor causes is often unverifiable. In these circumstances, the authorities lack the information necessary to implement the usual liability rules or externality taxes. We propose a novel solution: hold each

external assets and liabilities at market value since 1952. We find strong evidence of a sizeable excess return of gross assets over gross liabilities. Interestingly, this excess return increased after the collapse of the Bretton Woods fixed exchange rate system. It is mainly due to a “return discount

of output and inflation, and taxes are set as a function of total government liabilities. We require policy to be implementable in the sense that it guarantees uniqueness of equilibrium. We do away with a number of empirically unrealistic assumptions typically maintained in the related literature

In 1993, Austria had the highest number of bankruptcies since 1945. The total liabilities came to approx. US$ 3 Billion.

. In addition, we show that when our model underpredicts spreads, the errors are correlated with liquidity proxies, suggesting that an underestimation of total yield spreads may be economically plausible. When we include bond price information in our estimation, our errors become similar in magnitude to those

not going to speculate about the effects of future technologies. To avoid the dubious concept of ‘‘unpredictability’’, ‘‘new liability risks’ ’ means for me the totality of the dynamic aspects of liability risks. In this respect, I shall be referring to the observation pattern and the terminology for risks

SOCIAL WORKER liability is a relativelynew phenomenon. As recently as 15 years ago, there were almost no lawsuits, especially not successful ones, against social workers. Since then, however, there has been a steady increase in suits. From 1982 to 1985, the total more than doubled, from fewer than

than the typical civilian. Thus either the typical civilian is morally liable to be killed, or many unjust combatants are not morally liable to be killed. That is, the liability based account seems to force us to choose between a version of pacifism, and total war. Seth Lazar has called this &apos

cohorts over time, relative to total assets and relative to income, although debt-holding declines with age as is expected. Debt is dominated by mortgages, particularly for more recent cohorts relative to similar aged cohorts 15 year prior. Tabulations of age cohorts by race or education level show

Much attention has been given to the recent growth of the U.S. federal debt. This paper examines the growth of federal liabilities that are not included in the officially reported numbers. These take the form of implicit or explicit government guarantees and commitments. The five major categories