Law and Economics

3 units

The application of economics concepts and analysis to legal and public-policy issues. We broadly examine the roles of prices and markets, the causes of market failures and the criteria for corrective intervention. Specific topics include (1) the long-run and short-run economic interests of individual, corporate and public sector clients in a variety of legal contexts, (2) the normative judgments that are implicit in many economic policies and the legal structures implementing such policies; and (3) the uses and limits of economic analysis and economic data in solving a variety of social problems.