Law and Economics

Catalog description

Credits 3. 3 Lecture Hours. Application of economic reasoning to legal rules, institutions and outcomes; examines how property, contract and tort law shape incentives and resource allocation; analyzes the efficiency and distributional consequences of legal decisions and regulatory frameworks; develops testable hypotheses on how laws influence behavior and market outcomes; uses economic models and empirical evidence to interpret court rulings, evaluate legal reforms and understand the reciprocal relationship between law and the economy. Prerequisite: Grade of C or better in ECON 323 .