Economics
 

Law and Economics

Law and Economics
Common law allocative mechanisms (contract, tort, and property law) as alternatives to collective intervention when markets fail; consideration of economic logic of law.
ECON
421
 Hours3.0 Credit, 3.0 Lecture, 0.0 Lab
 PrerequisitesECON 378 & ECON 380
 TaughtWinter
 ProgramsContaining ECON 421
Course Outcomes: 

Econ 421 students will be able to

  1. Demonstrate a basic familiarity with the Common Law.
  2. Analyze the incentives created by Common Law tort rules.
  3. Analyze the incentives created by Common Law contract rules.
  4. Distinguish between "property rules" and "liability rules" with regard to property rights.
  5. Evaluate the relative efficiency of specific tort rules.
  6. Evaluate the relative efficiency of specific contract rules.
  7. Analyze the incentives to litigate or settle under different rules about which party pays the costs of the litigation.
  8. Analyze the incentives created by criminal sanctions.
  9. Synthesize the relevant economics and legal literature, including Federal and Supreme Court rulings, via a substantial survey paper on a specific tort, contract or property issue.