Economics 226 - Law and Economics

This course introduces students to economic analysis of legal issues.  Many familiar approaches to legal analysis focus on the justness, fairness, or legislative intent behind legal rules.  By contrast, economic approaches are more apt to inquire about the incentives, outcomes, and levels of efficiency that legal rules create.  For example, what is the socially optimal level of care that should be expected of those who generate risk?  How and to what extent should the law deter contracting parties from breaking their promises?  Is prevention or punishment a more cost-effective way to reduce crime?  Students will have the opportunity to explore questions like these in such areas as Tort and Accident Law, Property Law, Contracts, Criminal Law, Legal Process, and Constitutional Law. Readings will include legal statutes and cases along with scholarly commentaries and analyses.  No prior familiarity with legal concepts wil be presumed or required.

Requisite: ECON 111. Limited to 35 students. Fall semester. Visiting Professor R. Reyes.