The first part of this course introduces students to the economic approach covering important basic economic concepts and theories (including efficiency, notions of social benefit and cost, the Coase Theorum, Median Voter Theory, and Agency Theory).
The second part of this course applies these theories to the analysis of rules and legal institutions. Topics in the second half could include
- Property, Contract and Tort Law and Economics (applying the Coase Theorum and extensions)
- Economic Analysis of Disputes, Litigation, Court and Tribunal Decision Making (including the economic analysis of the efficiency of the common law)
- Economic Analysis of Government - Constitutional and Administrative Law and economics (including public choice theory of Parliamentary Government and agency theory of Executive Government)
- The economics of Corporations law ( including transactions costs analysis of the role of Corporate Personality, Limited Liability, and Directors Duties)
- The Economics of Competition Law ( and its relationship to Intellectual Property)
- Economics and the Criminal Justice System,
- The use of economic evidence in court, and Government decision making the role of theory, econometrics, statistical and financial analysis.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Explain, conceptualise and distinguish a sound understanding of basic economic methodology and the meaning of concepts such as efficiency, justice, rights, legal rules and institutions and the relationships between them;
- Identify, analyse and critically examine the complexities of the interplay between economic consequences and the role of law and legal institutions;
- Identify, critically examine and apply specific legal policy issues from a law and economics perspective; and
- Demonstrate, at masters level, the ability to independently plan and execute a research project applying legal research principles and methodologies to critically analysis and apply legal principles and practice to complex issues.
Indicative Assessment
- Class Participation (10) [LO 1,2,3,4]
- Research Essay (7000 words) (90) [LO 1,2,3,4]
In response to COVID-19: Please note that Semester 2 Class Summary information (available under the classes tab) is as up to date as possible. Changes to Class Summaries not captured by this publication will be available to enrolled students via Wattle.
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Workload
Classes offered in non-standard sessions will be taught on an intensive base with compulsory contact hours (approximately 26 hours of face to face teaching). The course will also require advanced preparation through assigned readings. In total, it is anticipated that the hours required for completion of this course (class preparation, teaching and completion of assessment) will not exceed 120 hours. Classes offered during semester periods are expected to have 3 contact hours per week.
Click here for the LLM Masters Program timetable.
Inherent Requirements
Not applicable
Requisite and Incompatibility
Prescribed Texts
The prescribed text for this course is:- Robert D. COOTER and Thomas ULEN (2012), Law and Economics, Addison Wesley Longman, 6th edition
Preliminary Reading
Students must rely on the approved Class Summary which will be posted to the Programs and Courses site approximately 2 weeks prior to the commencement of the course.
Assumed Knowledge
Students without an Australian law degree must have completed LAWS8587 Legal Framework of RegulationFees
Tuition fees are for the academic year indicated at the top of the page.
If you are a domestic graduate coursework or international student you will be required to pay tuition fees. Tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
- Student Contribution Band:
- 3
- Unit value:
- 6 units
If you are an undergraduate student and have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). You can find your student contribution amount for each course at Fees. Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Course fees
- Domestic fee paying students
| Year | Fee |
|---|---|
| 2020 | $4320 |
- International fee paying students
| Year | Fee |
|---|---|
| 2020 | $5760 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.