Law, Economics, and Policy

3 Credits · Level: Undergraduate

This course examines: 1) how economic theory can be used to explain the nature and purpose of legal institutions and 2) how legal institutions in turn affect the economic behavior of individuals. The course will benefit a wide range of students. Those interested in economics will find in it a broad range of potential research topics concerning the economic impact of specific laws. Students considering law school will get a good introduction to the legal profession and learn a great deal about property, contract, torts and criminal law. Those interested in politics will gain an insight into the practical problems that lawmakers have to face when they craft legislation to achieve a specific objective. The first two weeks are devoted to an overview of the subject and a review of basic ideas in both economics and law. The next six weeks are spent examining the three major branches of common law; property, contract, and torts. Following that the course looks at other aspects of law and economics including public choice, criminal law, regulation, and international law. Class participation and discussion are heavily emphasized. Course requirements include four one-page examinations of relevant news articles, a midterm, and a final paper examining the interplay between legal structure and economic behavior within a specific institution. Prerequisite is Microeconomic Principles, or equivalent. The instructor is a former chief economist with the Department of Commerce and General Counsel for the Senate Permanent Subcommittee on Investigations with over 30 years of experience in public policy.