Course Information

8827 - Law and Economics

Professor: Guy A. Rub
Semester: 2012 Autumn

Second Writing Requirement? No
Seminar? No
Professional Responsibility? No
Prerequisites: None
Means of Assessment: A final open book exam and class participation

Course Description

Why and when should property be privately owned? How can a legal system minimize the social costs of accidents? Should the state regulate pollution? If so, how? What is the socially appropriate punishment for a crime? Why do we even need the law of contract? What are the purposes of default rules?

 This course examines these and similar questions by introducing the students to one of today’s most powerful schools of legal thought, Law and Economics. Law and Economics applies the basic tools of economic reasoning to legal doctrines and provides a set of tools for analyzing the law. The course will begin by looking into a few general questions such as what does it mean for a law to be efficient? Then, we will explore how the Law and Economics approach sheds light on some basic questions and implicit assumptions that are at the heart of every legal system.

 The course neither presumes nor requires a background in economics.

The course materials listed above are for informational purposes only and should not be considered final. Students must check with the Registrar for a current list of closed courses.