ECON 391: Law and Economics
Prerequisite: ECON 206
Credit Hours: (3)
Analyzes the application of economic theory in the American judicial system. Investigates the choice of legal rules and regulations on the incentives faced by individuals. Considers the influence of economic development on the evolution of law.
Detailed Description of Content of the Course
The Law and Economics course investigates the behavioral implications of alternative legal doctrines and policies. The course will define institutions, describe the characteristics of property rights in Western societies, and use game theory to study how conflicts among individuals within a society might be resolved. The course also uses the concept of Pareto optimality and the Coase theorem to analyze the role of economic development in determining justice. The economic costs of alternative legal choices and the influence of economics on the courts' actual decisions will also be evaluated.
Topic Outline
1. The Nature of Property Rights
2. Cooperation and Coercion
3. Concepts of Justice
4. Behavior Involving Uncertainty
5. Intertemporal Adjustments of Benefits and Costs
6. Economic Expertise in Legal Proceedings
7. Review of Court Cases
Detailed Description of Conduct of the Course
The following teaching strategies may be employed:
Lectures, videos, discussions, in-class and/or at-home activities and assignments.
Goals and Objectives of the Course
After successfully completing this course, students will be able to:
1. Identify the fundamental issues and processes in the operation of legal institutions of economic significance. (SLO 3)
2. Analyze and predict the performance of alternative institutional designs. (SLO 4)
3. Examine the interactions between economic development and the evolution of law. (SLO 6)
Assessment Measures
The following assessment measures may be employed: Tests, quizzes, homework, reports, presentations, or class participation. Grades and percentages depend on individual professors.
Other Course Information
None
Review and Approval
Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair
Revised 4/13/09 Charles Vehorn
April 16, 2012 Revised
November, 2018