Introduction
In 1961, Pietro Trimarchi published Rischio e Responsabilita Oggettiva (Risk and strict liability) (Trimarchi, 1961), a monograph that has become a ‘milestone’ in the economic analysis of the law in Italy.
Meanwhile, in the United States, the writings of Ronald Coase, Richard A. Posner, Guido Calabresi and Gary Becker were popularizing the so-called ‘new law and economics’. Trimarchi, however, studied the delicate question of strict liability separately. His independent study focused on the function and the structure of strict liability in microeconomic terms.Trimarchi’s works include other publications concerning the economic approach to law. Particularly relevant, and quoted in Trimarchi (1961), is Il ‘caso fortuito 'quale limite della responsabilita per il danno da cose (‘Fortuitous event’ as a limit of the liability for damage caused by things) (Trimarchi, 1959). Another monograph, titled Causalita e danno (Causality and damage) (Trimarchi, 1967), synthesizes the content of his theory on strict liability for enterprise risk.
This chapter first assesses Trimarchi’s theory and also devotes particular attention to the economic analysis of the principles of contractual liability that Trimarchi takes pains to develop and contrast with widespread and respected theories from the United States. According to Trimarchi, a legal system, not a conventional system of contractual liability, provides an optimal distribution of productive resources, as supported in a famous essay by Coase (1960). In ‘L’analisi economica del diritto: tendenze e prospettive’ (Economic analysis of law: tendencies and perspectives) (Trimarchi, 1987), originally presented at a congress in Padua, 21-23 May 1987, the author gave Italian scholars an overview of the history, methodology and goals of the economic analysis of law, emphasizing tendencies and practical aspects through a critical analysis. The concluding section will consider Trimarchi’s approach to liability in contracts, with particular attention to his article ‘Sul Significato economico dia criteri di responsabilite contrattuale’, (On the economics of liability in contracts) (Trimarchi, 1977).