The relationship between efficient, fair courts and economic prosperity is stronger than most people realize. The simple fact is that free people using free markets need the rule of law enforced through a sound judicial system. The freedoms and rights enumerated in our Constitution are guaranteed in large part through the justice system. For instance, personal property rights need to be protected. Contracts need to be enforced. Citizens should be able to rely on product safeties and warranties.
Without an effective judicial system, our freedoms and our free enterprise system will decay: rights become uncertain; contracts are ambiguous; personal property loses value. Simply put, strong, fair courts produce certainty. Arbitrary justice results in economic inefficiency and comes with a huge cost to our economic system.
People's rights need to be protected through a well-balanced system. While those who have been harmed should receive a fair and adequate remedy, those who have done no wrong should be protected from those seeking unjust damages. The innocent have the right to keep their money in their pockets and to have their civil innocence adjudicated quickly.
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