Law and Economics

Unit I — Introduction to Law and Economics

Economic analysis of law: An introduction, why do economists need to be concerned about law, relationship between law and economics, economic concepts and their relevance to law, why should lawyers study economics? The civil law and common law traditions, introduction to the judicial system in India.

• The Nature and Significance of economic science and its relevance to law, Difference between Micro and Macro Economics, Positive economics and Normative economics

Unit II — Economic Analysis of Property Law

The legal concept of property, bargaining theory, the origins of the institution of property, an economic theory of property, allocation of property rights, intellectual property rights

• Economic analysis of Intellectual Property Rights

Unit III — Economic Analysis of Contract Law

Economic theory of contract- perfect contract and imperfect contract, economics of contract law, economic remedies for the breach of contract, difference between contracts and torts

Unit IV — Economic Analysis of Tort Law

Defining tort law, economic theory of tort law- accident costs and their minimization, liability rules, economics of tort liability

Unit V — Economics of Criminal Law

Principal types of crime, the traditional theory of criminal law, an economic theory of crime and punishment, topics in the economics of crime and punishment

Unit V — Economic Analysis of Labour Laws

Introduction, Unions and productivity: Collective bargaining contracts, legislations related to the industrial disputes: Hire and fire, minimum wage and related ‘workers’- protective’ legislations, some issues in employment discrimination on the grounds of race, sex and age

Unit VI — Economic Analysis of Competition Law

Economic theory of competition law: workable competition, transaction cost approach, the theory of contestable markets, competition policy in India