Introduces economic analysis to evaluate the impact of alternative legal rules. Particular emphasis is given to public policy implications of using economic efficiency as the criterion by choosing between potential rules in the traditional common-law areas of property law, contract law, and tort law.
Prerequisite Courses
Prerequisites
(LIBR 150 may be taken concurrently).
Course Outcomes
After successfully completing the course, the learner will be able to:
- Identify the Coase theorem.
- Use the Coase theorem to evaluate the effect of law on economic efficiency.
- Explain the economic model of precaution.
- Use the economic model of precaution to evaluate the efficiency effects of alternative liability and negligence rules.
- Identify the elements of a valid contract.
- Explain the economic model of efficient breach.
- Apply the economic model of efficient breach to evaluate the efficiency effects of alternative damages and performance rules.
- Identify the elements of property rights necessary for efficient exchange.
- Evaluate the efficiency effects of alternative remedies for breach of property rights.
- Identify alternative compensation rules under eminent domain.
- Evaluate the efficiency effects of alternative compensation rules under eminent domain.