ECON 405 Law and Economics Select Term:
The legal system can be viewed as a set of rules governing social and economic interactions and conduct in a society. This course analyzes whether and how the legal system promotes social welfare and efficiency of economic activity, and offers the student an alternative, economic perspective on law. It applies microeconomic theory to the analysis of several subfields of law, such as property law, contracts, tort law and legal processes. It introduces the student to the economics of law enforcement and to the trade offs the society faces in controlling crime and punishing offenders.