This module is for students on the LLM in Law and Economics programme only.
Economic analysis has given birth to empirical methods for testing hypotheses about the law’s causes and effects. These theories and empirical techniques have been used to study a broad range of legal and political phenomena. The combination of law and economics and the development of expertise in modern economic theory and techniques is essential in the structuring of modern commercial transactions.
This module is designed to give students a solid understanding of areas of law that are most relevant for appreciating the interplay between law and economics. The module will explore certain legal doctrines. The course starts with a brief historical perspective of law and then proceeds to present specific areas of law focusing on a number of areas such as torts, contracts, property, antitrust etc.
For law students, the knowledge of the specific regulations of their home country is too narrow a base for counselling firms that are active in international trade and business transactions. Additionally, familiarity with the economic effects of legal rules has become indispensable for understanding their clients' commercial needs. Similarly, economics students must have an accurate understanding of the institutional legal framework of market economies since they set the boundaries within which business is carried. For both lawyers and economists, knowledge of the other discipline and the dynamics of international business contacts are crucial for a successful future career.
This course will provide the building blocks in legal knowledge that will be necessary to fully comprehend the relationship between law and economics that will be presented in the spring term.
The learning outcomes of the course is the familiarity of students with legal areas that will constitute the basis of the Law and Economics II module that will clearly illustrate the interrelationship of these two disciplines.
5,000 word course essay