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Law and Economics explores the application of economic principles and methods to the law and legal issues. The course develops knowledge about the interaction of the legal system and resource allocation through the study of law and economics. To this end, the economic analysis of law is founded on models of human behaviour and examines how decision making is affected by different legal regimes. In this course both positive and normative analysis will be used. Positive analysis is used to predict the consequences of legal rules and normative analysis is used, in particular, to evaluate the efficiency effects of legal rules.

Central to the understanding of law and economics is a set of fundamental economic concepts and tools of economic analysis. Concepts such as rationality and economic tools such as price theory, efficiency and market failure are introduced. These tools and concepts are then applied to legal issues such as property rights, contract law, criminal law, torts, and competitive markets. Law and economics offers a framework with which to model legal outcomes by bringing together legal theory and economic reasoning.

In this course, the economic way of thinking is applied to real world problems and policy issues and demonstrates the relevance of viewing legal rules from an economic perspective. Legal issues examined in the course include property law, tort law, contract law, criminal law and market regulation. The economic analysis of the law provides a unified vision of the law, tying together diverse areas of law into a common theoretical structure.