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Law and Economics
LAW & ECON
CLASS CODE: ECON 440 CREDITS:  3
DIVISION: BUSINESS & COMMUNICATION
DEPARTMENT: ECONOMICS
GENERAL EDUCATION: This course does not fulfill a General Education requirement.

CATALOG DESCRIPTION: This course uses economic analysis to analyze the basic common law areas of torts, contracts, property, and criminal law. Economic tools are used both to understand the basic structure of the law (positive analysis), and to suggest how the law might be made more efficient (normative analysis). The course assesses whether individuals or collective action (courts) are better for addressing market failures. Transaction costs and litigation costs (among other things) are crucial to the assessment. This course is recommended for economics majors who are planning to go to law school or who intend to pursue a career in the legal field. "For the rational study of the law...the man of the future is the man of statistics and economics." (Oliver Wendell Holmes, The Path of Law, 1897)
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EFFECTIVE DATE: August 2002