Overview

Description

CALENDAR DESCRIPTION:

An in depth examination of the application of economic reasoning to the law. The course considers how legal relationships influence behavior and how economic models can explain the structure of the law. A selected number of topics will be covered, and may include the economic approach to common law; property rights; contracts; torts; criminal behavior; family law; and corporate bankruptcy law. Students with credit for BUEC 427 or BUEC 495 may not take this course for further credit. Writing.

COURSE DETAILS:

“Law and Economics” is a generic name given to a field of study that began at the University of Chicago Law School in the 1930s. The flagship journal, Journal of Law and Economics, was started in 1958 by Aaron Director and published Coase’s famous paper in 1960. An outsider, looking through the journal over the past fifty years might be surprised at the small number of articles that directly deal with an economic analysis of the law. From the beginning, “law and economics” has always been broader than a narrow focus on the law. In light of this, this course might better be called “Law, Economics, and Organization.” The course begins with a general discussion of economic reasoning and the concept of efficiency. It then examines the Coase Theorem in considerable detail. After these introductory foundations, we move on to cover topics organized by legal categories: property, contracts, family, and crime. These topics should take the entire semester. If time permits we may briefly cover such topics as anti-trust, torts, or public enforcement. 

I will expect you to work through this book on your own, and there will be an in class quiz based on the book in the third week of class. This is a “W” course, which means there is a serious reading and writing component. Students will complete (almost) weekly writing assignments, (almost) weekly re-writing assignments, as well as a term paper which will be handed in over three stages. Participation in weekly discussions is mandatory and graded every week, which means doing the assigned reading is also mandatory. Each student will be expected participate in every class. The term paper is due on the last day of class, April 16, with no exceptions. The paper must be original to you, and must deal with some aspect of Law and Economics that you find puzzling. The first draft of the paper is due February 11, and should only contain your introduction which explains what your observation is and why it is economically puzzling. The second draft of the paper is due March 4. It will contain your reworked introduction along with your theory of the observation in question. The third draft is due April 1. It will contain a reworked introductory and theory sections along with at least one comparative static exercise. Then you get one more chance to rewrite your paper and hand in the final draft on April 16. There is no page limit (upper or lower) to the paper and you will be graded on your originality, economic reasoning, and writing quality. There is only one exam (the final). It will contain short answer questions only, and will be based on applications of the readings and discussions in class.

Grading

Materials

REQUIRED READING: