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Economic Approach to Law
ECON 325
Spring 2007 not offered

Economic Approach to the Law examines the efficacy of alternative legal arrangements using microeconomics as the basic investigative tool. The core of the course consists of a thorough analysis of the common law, with emphasis on the areas of property, contract, tort and criminal law. Topics under property law include the economic basis for the establishment of property rights and ownership solutions to the problem of pollution. In the area of contracts, the efficacy of the contracting process is explored; conditions that make breach of contract optimal are also considered. To analyze tort law, a microeconomic model of accidents is developed; using this model, the rules of strict liability, negligence, and contributory negligence are compared as each affects the number and cost of accidents in society. Criminal law is analyzed in a framework that assumes that crime is a rational act (in some contexts); consequently, the legal structure affects the amount of crime in society since law determines in part the costs of crime to criminals.

Essential Capabilities: None
Credit: 1 Gen Ed Area Dept: SBS ECON
Course Format: Lecture/DiscussionGrading Mode: Student Option
Level: UGRD Prerequisites: ECON301
Fulfills a Major Requirement for: (ECON-MN)(ECON)

Last Updated on JUN-04-2023
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