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A simultaneous, comparative review of the attempts by different countries and country groupings to react to the economic problems caused by the two oil shocks. of the 1970s can help us evaluate the relative success of those efforts. In general, the world has yet to recover from those shocks, with various combinations of slow growth, high unemployment, high inflation rates, and substantial governmental andlor international debt still facing countries everywhere. It appears that different combinations of traditional fiscal and monetary policy largely shifted the temporal impact of the shocks or altered the trade‐offs among problem categories. It also appears that energy policy may be a more powerful tool with which to approach the possibility of future shocks than any combination of economic policies.

Contemporary legal theory recognizes three primary methods of controling administrative discretion: confining through substantive standards, structuring through procedural requirements, and checking through bureaucratic review. It is sometimes assumed that these techniques operate independently and that their effects are additive. This article reports on a study of Federal Trade Commission policy‐making and concludes that in some instances there can be complex interactions among the legal techniques for controlling discretion, and between the legal techniques and political or bureaucratic forces shaping policy‐making discretion.

This paper presents an analysis of the changing impact of products liability risk on various individuals, firms, and institutions in today's society. After defining products liability and products liability risk, the pendulum-like evolu tion of products liability law is documented. Then an analysis of some of the most important factors responsible for the recent increases in the frequency and severity of products liability litigation is presented. Several of these elements have appar ently combined to produce a synergistic increase in products- related lawsuits. These elements include recent development in the law of products liability, together with a newly emerging products claim consciousness, public concerns about product safety, and the plethora of old and new products in use today. Finally, the paper concludes with an analysis of the potential impact of enacting one or more of the many proposed solutions to the problem of products liability risk.

Analyzed is the changing impact of products liability risk on individuals, firms, & institutions. Rules of products liability have changed repeatedly through history; currently, lawsuit can be brought under rules of express or implied warranty, strict liability torts, or torts of negligence involving improper design, manufacture, or assembly, failure to test for defects, failure to warn of dangerous characteristics, deceptive advertising, inadequate instructions for use, or failure to foresee possible dangers in product use. Several elements have combined to produce a recent increase in the frequency & severity of such litigation, including new developments in the law, new consciousness of product claims, public concern for product safety, & even the increased number of products in use. Thirteen proposals for reducing the burden of such litigation on society are assessed. Modified HA.