ECN 450 - Economics of Law

(4 credits)

Prerequisite(s): ECN 302. The economic concepts of public and private goods, externalities, and benefits vs. cost will be used to analyze the economic basis for and effects of property, contract, tort, and criminal law. Important cases will be discussed and issues such as the rules for determining the liability for accidents and the proper level of penalties for crimes will be explored. In addition, the trade-offs involved in the use of the legal system itself will be explored in such areas as plea bargaining, trial vs. settlement of civil cases, and various arrangements for payment of legal costs. This course may fulfill a General Education Requirement.

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