ECON2120 Lecture Notes - Lecture 1: David D. Friedman, New Institutional Economics
Law and Economics 2017
Lecture outline and reading list for
Topic 1 Introduction: Economics and the law (Week 1)
Administrative matters
Course delivery, course overview, assessment
*Course outline
What is law and economics?
The law in law and economics: the common law
Development of the common law
Features of the common law
Why lawyers should study law and economics
Why economists should study law and economics
New institutional economics
A brief history of law and economics
Economic analysis of legal rules
The law as incentive
Economic analysis is forward looking
Positive economics: predicting the effects of legal rules
Normative economics: recommending what the law should be
Predicting legal rules: is the law efficient? The Posner conjecture.
*Polinsky Preface
Veljanovski, C.2006. The Economics of Law 2nd ed. chapters 1 and 2, pp.21-43.
Is available at: http://www.iea.org.uk/sites/default/files/publications/files/upldbook391pdf.pdf
Veljanovski, C.2007. Economic Principles of Law chapter 1 pp.1-18
Friedman, David D. “Law and economics” The New Palgrave: A Dictionary of Economics. First
Edition. Eds. John Eatwell, Murray Milgate and Peter Newman. Palgrave Macmillan, 1987.
http://www.dictionaryofeconomics.com
The starred readings are required, the rest are supplemental (background for lectures and tutorials).
The readings are all on the Wattle site.
