- Code ECON8047
- Unit Value 6 units
Law and Economics applies the concepts and techniques of microeconomics to the law itself, focusing on the common law: the dominant source of legal rules in Australia. The course does not assume any prior legal knowledge, nor does it provide any legal training.
The Course employs basic price theory – rational maximization, the law of demand, opportunity costs, and the idea that voluntary exchange allows resources to gravitate toward their highest- valued uses – to predict the consequences of legal rules: how they affect the behaviour of individuals and groups; and uses welfare economics to evaluate legal rules, especially their efficiency effects. Legal issues examined in the course include property rights, tort law, contract law, criminal law, law enforcement and punishment, litigation and settlement, principal-agent liability, and regulation v tort law as ways to control externalities.
The emphasis in this course is on “thinking like an economist” to understand legal issues from an economic perspective, with a focus on a clear understanding of the logic and underlying economic intuition rather than just the results.
Law and Economics is an interesting application of the economic way of thinking to real world problems and policy issues. Examining actual legal cases gives students experience in relating abstract economic models to practical problems and demonstrates their direct relevance.
Graduate students do the pass course together with extra lectures on more advanced topics and extensions to the pass course. The extra topics will be drawn from: welfare economics, competition and the core, the hold-out problem, the anti-commons, intellectual property and patents, non-pecuniary losses and the value of life, the last clear chance rule, product liability with monopoly, and more complete models of accidents, optimal contract damages and uncertainty.
Upon successful completion, students will have the knowledge and skills to:
- Recognise the economic issues in a legal problem and apply the economic way of thinking to analyse it.
- Assess the efficiency effects of legal rules and policies
- Two 1-hour in-term examinations, and a 3-hour final examination. (null) [LO null]
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Two lectures and one tutorial per week. plus an additional graduate lecture starting in week 2.
Requisite and Incompatibility
Prescribed TextsA Mitchell Polinsky 2011, An Introduction to law and Economics, 4th Edition
There is no textbook for the graduate section. Readings will be drawn from advanced textbooks and journal articles
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you 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). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- Unit value:
- 6 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
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Offerings, Dates and Class Summary Links
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
|Class number||Class start date||Last day to enrol||Census date||Class end date||Mode Of Delivery||Class Summary|
|6456||25 Jul 2022||01 Aug 2022||31 Aug 2022||28 Oct 2022||In Person||N/A|