Law and economics
Not offered in 1995
3 hours per week * Clayton
Synopsis The subject is designed to apply systematically the method of economics to the analysis of the law itself - to the structure of the common law, legal processes, legal institutions and statutory regulation, and to the impact of law upon the behaviour of individuals and groups and the functioning of the economy. Topics to be covered will include (1) nature of economic reasoning and the economic approach to law; (2) property rights in economics and law - pollution, zoning and nuisance laws; (3) torts - the rule of liability, accidents and compensation, products liability; (4) crime - optimal criminal sanctions; (5) contract - bargaining power and unconscionability, standard form contracts, regulated contracts; (6) the corporation - the nature of the corporation, coordination by integration or contracts; (7) regulatory law - rationale as alternative to the common law, consumer protection and restrictive trade practices; (8) the court system, enforcement and remedies; court congestion, cost and fee rules, class actions; (9) overview - is the law efficient? Should it be?