ECON 5650 - Economics of Law, 2012/2013 Winter
(EL-2013)

 This course requires an enrolment key

Law and economics is one of the fastest-growing interdisciplinary areas, regarded by some as “the most important development in legal scholarship in the 20th century". On one hand, economics is the science of rational choice in a world in which resources are limited relative to human desires. The legal environment, in turn, determines the “rules of the game" as played by rational agents. Thus it is quite natural for economists to question the origin, nature, and consequences of the “rules of the game" as they persist in individual and group behavior.

Among the important issues that we will address throughout this course are:
How does the legal system shape economic incentives in ways that lead to socially optimal behavior?
How does one measure the bene_ts and costs of changes in legal rules?
What is the nature of private property in a market economy?
What is the appropriate role of a legal system in settling private disputes?

After a brief introduction to the methodology of law and economics, this course utilizes the standard tools of economic analysis for the study of law and legal institutions, with special focus on: (i) economics of property; (ii) economics of contracts; (iii) economics of tort law, (iv) economics of criminal law and (v) economics of legal process. If time permits, we can also discuss other interesting subjects.

This course requires an enrolment key