Law and Economics (LAWS5147)

UNIT OF STUDY

The aim of the unit of study is to provide an understanding of the economic analysis of law and to clarify fundamental differences between legal argument and the analysis of public policy. The unit defines the role of government within the framework of welfare economics and examines the social and economic effects of legal regimes within that framework. Particular attention is given to the concept of a competitive market, to the available empirical evidence on market failure, and to the need for government intervention in response to market failure and its negative consequences for social justice. Topics covered include: theoretical concepts of social justice, social insurance; monopoly and environmental regulation; economics of property and contract law; labour law and bargaining power; tort rights and remedies; asymmetric information, adverse selection and moral hazard with applications to medical malpractice; agency, corporate governance and bankruptcy; family law; taxation; and the measurement of inequality.

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Further unit of study information

Classes

2 x 2hr seminars/week for 10 weeks

Assessment

1000wd essay (15%) and 1000wd essay (15%) and class participation (10%) and 2hr exam (60%)

Faculty/department permission required?

No

Unit of study rules

Prohibitions

LAWS3036, LAWS3447

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Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.

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