Introduction to Law and Economics
| Code | School | Level | Credits | Semesters |
| LAWW3130 | Law | 3 | 20 | Spring UK |
- Code
- LAWW3130
- School
- Law
- Level
- 3
- Credits
- 20
- Semesters
- Spring UK
Summary
The course examines the analysis of law in economic terms. Law and Economics takes as a starting point the proposition that the law is concerned with maximising efficiency. We will focus on the treatment of disputes in the private law which Law and Economics accounts treat as concerned with minimising the costs of social interactions rather than in terms of enforcing fundamental individual rights that are somehow independent of considerations of the public good. Economic analysis typically comes with its own assumptions in the form of the notion that people act rationally in seeking to maximize their satisfaction based on stable preferences. We will consider how the premises of rational choice theory is challenged by perspectives from sociology and behavioural psychology.
Target Students
Available to UG Year 2 or Final Year students in the School of Law and exchange students hosted by the School of Law.
Classes
This module is taught in seminar format.
Assessment
- 100% Coursework: 12 pages
Assessed by end of spring semester
Educational Aims
To provide an introduction to economic analysis and to develop analytical skills to assist in the explanation and evaluation of the law.Learning Outcomes
Students should be able to:
(i) Describe the analytical concepts that are central to transaction cost economics and the concepts that are central to challenges to law and economics (social norms, behavioural psychology and neo-Kantian moral philosophy);
(ii) Understand and explain the implications and interrelationship of these concepts;
(iii) Apply the concepts to novel situations;
(iv) Analyse material using the concepts learnt (for example, explaining existing judicial decisions in these terms);
(v) Students should be able to synthesise the concepts learnt (for example, producing an account of a novel dispute employing the concepts of transaction cost economics;
(vi) Students should be able to evaluate the analysis of commentators and courts using the concepts acquired. In particular students should be in position to develop a view on the extent to which transaction cost economics is based on a plausible understanding of human behaviour (in light of insights from sociology and behavioural psychology) and how important economic efficiency is a normative objective (in light of challenges from moral philosophy).