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STUDENTS > Curricular Programs > Law & Economics > Courses >
The Sequence
The economic analysis of law is one of the major theoretical perspectives in the study of law in American universities. Law and Economics I and II, taken together, provide a comprehensive survey of the subject. Part I (Legal Studies 145) concerns the common law (property, torts, contracts) and crimes. Part II (Legal Studies 147) concerns public law, including such areas as constitutional law, administrative law, environmental law, and regulated industries. Students can take either or both courses in any order.
Subject Matter of Law and Economics I
Microeconomic theory will be applied to legal rules and procedures in property, torts, contracts, and crimes. We will compare the economic consequences of different legal rules and remedies for their violation.
Prerequisites
There is no formal prerequisite, but students are strongly discouraged from taking the course unless they have had intermediate microeconomics (Econ 100A or equivalent). Graphs and algebra will be used routinely in class.
Materials
The textbook for the class is Law and Economics by Robert Cooter and Thomas Ulen.
Conduct of Class
The class will be taught by a mixture of lectures and questions. Students are expected to read the assigned materials before coming to class so as to be prepared to answer questions in class. Regular attendance of class is important to success in the course.
Grades
Grades will be based upon a midterm and a final examination, with participation in class and section grades. Grades will fit the curve for A's, B's, and C's recommended for large classes by the Legal Studies Program. Students may use books or notes during the examinations, but anyone who must consult these materials extensively during the exam is in trouble. Exams should be written in blue books.
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