Principles of Law & Economics
B622 is taught by D. Cole
Law & Economics is about how economic and commercial concerns influence legal rules and, in turn, how legal rules affect economic outcomes. Today, economic theory is often cited in legal briefs and decisions, and legal and economic journals frequently debate the efficiency aspects of judicial decisions, legislation, and regulations. Familiarity with basic economic analysis and arguments has become crucial for practitioners in many areas of the legal profession. At the same time, it is increasingly clear that the legal system itself influences the economic system: What is efficient depends on the framework of legal rules that, among other things, establish and allocate entitlements to property, and determine the means and costs of transacting. This course explores the nexus of Law & Economics in the context of both the scholarly literature and case law.