Executive Summary: This study emphasises the divergence between the legal approach to pure economic loss and the economic one, and focuses on the latter. Traditional economic theory is grounded on the divide between social and private loss and is employed in formulating policy recommendations for an efficient outcome. However, it fails to explain why pure economic loss cases are treated differently in different legal systems. This study suggests that pure economic loss should be regarded …showed first 75 words of 1657 total…

…showed last 75 words of 1657 total…Australia Pty Ltd. Trischa Mann, (2001) Essentials of Business Law (Title 1),Australia, McGrawhill Australia. Warwick, D., Miles, C. (2003) A guide to Business Law ( 15th ed) Sydney, Lawbook Co. Cases Caltex Oil(Aus.) Pty Ltd v. The Dredge 'Willemstead' [1976] 136 CLR 529. Junior Books Ltd v. Veitchi Co. Ltd [1983] 1 AC 520. Pullen V. Gutteridge Haskins & Davey Pty Ltd (1992) Aust Torts Repts 81-170. Overseas Tankship (UK) Ltd v. The Miller Steamship Co. Pty Ltd (The Wagon Mound (No. 2) [1967] 1 AC 617 (PC).