Law and Economics (351-0-20)

Instructors

Joshua Sherman

Meeting Info

Harris Hall L07: Mon, Wed, Fri 9:30AM - 10:50AM

Overview of class

This course will strive to employ economic analysis in order to provide a coherent theory of the law. The economic approach to law assumes that punishments such as incarceration or fines are implicit prices for violating the law. According to this view, these prices may be chosen in such a way that will yield the most socially desirable outcome. Of course, it may not be appropriate to judge laws entirely based on their economic efficiency. For example, it may also be appropriate to consider outcomes that are "fair" or "just," however defined, and these outcomes may not be the most efficient. Nevertheless, there is no doubt that efficiency is one important criterion for purposes of judging the law. Given that economists are often interested in studying incentives, it is therefore quite natural that we might be both interested and perhaps even well-equipped to analyze various areas of the law. Along these lines, we will seek to employ simple economic models in order to understand the efficiency of laws in several areas, including torts, contracts, property, and crime. In studying these diverse areas of the law, the economic approach to understanding the law will be consistent throughout, and will allow us to study these different areas of the law in a unified manner.

Registration Requirements

Economics 281, 310-1, 2

Teaching Method

Lectures, discussion, and discussion of problem sets

Evaluation Method

Two midterms (25% each), three problem sets (10% total), and a final exam (40%).

Class Materials (Required)

The Economic Approach to Law by Thomas J. Miceli, 3rd Edition (978-1503600065). Any supplementary readings will be provided either online or in class.

Enrollment Requirements

Enrollment Requirements: Pre-requisite: Students must have taken ECON 310-1 or MMSS 211-1 and ECON 281 or ECON 381-1 or MATH 386-1 or IEMS 304 or STAT 350 to successfully enroll in this course.