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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 constitutional law, administrative law, and regulation. Students can take either or both courses in any order.
Subject Matter of Law and Economics II
Microeconomic theory will be applied to public law and the state. Topics include constitutional law, administrative law, and environmental law. To illustrate, we will study how legislators behave who try to maximize the votes that they receive. Similarly, we will study how regulatory agencies behave who try to maximize their own budgets. We will explore the efficiency of alternative forms of regulating industries to protect the environment.
Prerequisites
There is no formal prerequisite, but students are discouraged from taking the course unless they have had intermediate microeconomics (Econ 100A or equivalent). Graphs and algebra will be used routinely in class. A deficiency in microeconomics can sometimes be overcome by a good background in legal studies or mathematics.
Materials
The book is Robert Cooter, The Strategic Constitution (Princeton University Press, 2000.) After finishing this book, additional materials may be required that will be supplied on line or sold in xerox.
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 (approximately 30%) and a final examination (approximately 60%), with participation in class and section grades (approximately 10%). 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.
Enrollment
TELEBEARS handles enrollment in the class by applying university rules developed to establish fair priorities. Professor Cooter will not respond to appeals to change these priorities for individuals, because doing so is unfair to others.
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