Module LAW3407: LAW AND ECONOMICS

Department: Law

LAW3407: LAW AND ECONOMICS

Prerequisites

• Legal Skills (LAW 1041) [OR LAW 1107 (Legal Skills) AND LAW 1117 (Legal System of England and Wales)].

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To introduce students to basic concepts in economics applicable to law.
• To build on foundations laid in mandatory Law modules, with a shift towards the economic analysis of law.
• To introduce students to the fundamental insights of law and economics and how these insights can aid lawyers and policy makers in understanding the law.
• To introduce students to the basic concepts and techniques in the established body of literature on law and economics.
• To teach students how to use economic concepts to analyze core categories of the law.

Content

• The economic analysis of law is an important field of study for law students, offering them a powerful set of tools to develop a thorough understanding of the law. In the field of law and economics, rational choice theory has traditionally dominated as the means to predict human behavior and the incentive effects of legal rules. In recent years, researchers in economics and psychology have begun to show that people deviate from the predictions of rational choice theory. This module will first examine traditional economic analysis of law and then explore how behavioral approaches to economics change our insights about the law. It will apply rational choice theory and behavioural economics to the core categories of the law.

Learning Outcomes

• Demonstrate knowledge of basic economic concepts in widespread use in the economic analysis of law.
• Demonstrate knowledge of the differences between rational choice theory and behavioural economics as these approaches are applied to law.
• Demonstrate knowledge of the economic analysis of core legal categories of the law.
• Demonstrate knowledge of the basic law and economics literature and the history of the field.

• Apply basic economic concepts to various core legal doctrines.
• Explain the key differences in approaches of economic analysis of law from traditional legal analysis.
• Articulate and use the core concepts of rational choice theory and behavioural economics in examining the law.
• Explain the limitations of economic analysis as a way of understanding law.

• Demonstrate the skill of communicating complex ideas and arguments in clear written form.
• Demonstrate the skill of analysing the effects of rules.
• Show the skill of distinguishing between different disciplinary forms of analysis.
• Show the skill of formulating complex policy arguments.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The core principles of the subject will be conveyed by lectures. Additional reading will be set to ensure that more complex aspects of the principles are investigated. Tutorials will be used to reinforce the lectures, to ensure that the reading has been understood, and to develop subject-knowledge and subject-skills as outlined above. Formative essays will be used to develop both subject-skills and communication skills. Formative essays will connect directly to preparing students for the summative essay and assess the same skills needed for the summative essay.
• Summative assessment comprises one summative essay of 3000 words. Students are given a choice of questions to write their summative essays, but the questions are structured in such a way as to assess students on all the specific outcomes. The summative essay tests the ability to focus on relevant issues and organise knowledge and argument appropriate to questions raised. The summative essay questions will provide the means for students to demonstrate the acquisition of subject knowledge and the development of their analytical skills.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

1 written essay of about 1500 words.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University