ECON 248 - Economic Analysis of Law

Credits: 3
Planned Offering: Fall or Winter

Prerequisites: ECON 101 and 102. Analysis of substantive and procedural legal rules through the application of neoclassical economic theory. Emphasis is on the Chicago school of Posner, Coase, et al. and their critics, stressing efficient allocation rather than income distribution. Topics include property rights and their use to attempt to internalize externalities, the efficiency of contracts and their role in allocating risk, optimal liability rules and sanctions in torts, and the efficient amount of crime. Marco.