We had a big German shepherd that was running round our house for days on end growing up. My Lab got in about three fights with him, never was worse for wear, but still not fun when little sisters try to break up a dog fight that never would have happened if the Shepherd hadn't been there.
Dad got sick of it and started keeping a pellet gun around for him and I to use. He made it a point to not kill the dog, but shoot it square in the butt if it got close to our property. The dog took about three pellets and has never visited.
I have been on the opposite end and have a dog who likes to take off whenever she sees the door is open enough to get away. I will look until I find her, I don't want to be responsible for her hurting anyone. All of the neighbor kids know her and she is great with them, but I refuse to risk her accidentally knocking over a kid, or for that matter biting a kid she is playing with. Anything is possible, they are animals, no matter how tame they are. Dogs don't have the same lines and morals we do, no matter what people may say.
If my dog comes home with a shot in the butt i wasn't looking hard enough. I say its probably my fault she got out, and reality is that she needs to stay home.