ECON 154 Economics of Legal Rules and Institutions

(Same as PUBLPOL 106.) Design and consequences of laws, given alternative policy objectives. Welfarist approach to legal policy; deontological perspectives including Kant, Locke, Mill, and Rawls. Economic efficiency and agent rationality, law as mitigation of market and cognitive failures, effects of law on expectations and incentives, balancing costs of type I and type II legal errors. Empirical studies of law's effects. Applications: property, tort, contract, antitrust, discrimination, crime, legal procedure. Examples chiefly from U.S. law, but analytical tools of general applicability. Prerequisite: ECON 50.

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