1 introduction to economics lecture notes 1 economics defined - economics is the study of the allocation of scarce resources a okun's law states that for each. Introduction monday, 14 september 2015 11:36 butterfield forrester for an action, there must be an obstruction created by the defendant as well as the presence. Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the chicago school of economics.
The tutor2u economics channel features a wide variety of topic study notes designed to support a level, pre-u and ib economics students around the world we've grouped these study notes by broad level below browse these lists for a topic to help you, or just type the topic into our economics search. The field of law and economics applies economic theory to the consequences of law this branch of economic theory examines the laws that would maximize efficiency and equity the theory compares, for example, the incentives created by criminal versus tort law to determine the mix of laws that. Economic costs and the ability to measure them are the necessary steps for more effective profit planning, cost control and sound pricing practices production analysis is narrower, in scope than cost analysis. Positive vs normative economics economics is a social science that deals with the production, distribution, and consumption of goods and services.
The study of law without the knowledge of other related social sciences ie, political theory, sociology and economics, etc, is incomplete in any law curriculum the study of economics and law and their interaction is increasingly found necessary. Ii goetz, law and economics e discovery of computerized litigation files 28 broadcast music, inc v moor-law, inc 28 3 coase and costs, opportunity and otherwise 30. The law of demand there is an inverse income and substitution effects and the theory of demand a level economics financial markets study notes study notes. Many jurisdictions have implemented, or are planning to implement, the business judgment rule as a way to improve their corporate governance practices in this paper, however, we argue that the implementation of the business judgment rule in many. Cliffsnotes study guides are written by real teachers and professors, so no matter what you're studying, cliffsnotes can ease your homework headaches and help you score high on exams.
Notes for a course in development economics debraj ray version 33, 2009 chapter 1 introduction open a book — any book —on the economics of developing countries. In this video, we're going to talk about the law of demand, which is one of the core ideas of microeconomics and lucky for us, it's a fairly intuitive idea it just tells us that if we raise the price of a product, that will lower the quantity demanded for the product. Historically law (courts, policy makers, regulators) used economics to answer specific questions in areas such as anticombines (or antitrust in the united states), regulation of industries, tax, trade law. The law of demand states that when the price of a good rises, and everything else remains the same, the quantity of the good demanded will fall.
Law and economics the law and economics movement applies economic theory and method to the practice of law it asserts that the tools of economic reasoning offer the best possibility for justified and consistent legal practice. This chapter discusses the association between law and economics it specifically addresses the presence of rubicon between law and economics there are different kinds of laws: public and private law economic and non-economic law and international and domestic law. Law and economics is a study of how we can reduce the cost for production and enforcement of efficient liability prices the difference between p and pl and the judgements should pronounce judgements reflecting the liability price to the tune of pl for efficient internalisation. Supply and demand are perhaps the most fundamental concepts of economics, and it is the backbone of a market economy demand refers to how much (or what quantity) of a product or service is. Lecture notes on law and economics: theory elliott ash july 29, 2015 theselecturenotesareanattempttosynthesizethevarioussourcematerialsforthiscourse.
Meetings of the comparative law and economics forum and the american law and eco- nomics association, and at faculty workshops at georgetown university, university of illinois, university of michigan, university of toronto, yale university, and the university. The law of demand holds that other things equal, as the price of a good or service rises, its quantity demanded falls a demand curve is a graphical depiction of the law of demand, plotting price on the vertical axis and quantity demanded on the horizontal axis. Authors' note law and economics (pdf 6th edition) by robert cooter and thomas ulen this is a pdf version of the latest version (6th edition) of law and economics by cooter and ulen.
Economic analysis of law is a method of incorporating ideas taken from the discipline of economics and melding them into considerations of legal theories and principles. Economics and of property rights economics the paper's chief contribution is a more rigorous economic analysis of the problem than currently exists in the literature. Abstract the application of concepts and tools of economic theory to the science of law with the aim to obtain a comprehensive vision of the human behavior has become, in the last years, in auxiliary discipline that soaks legal and economic sciences.
Description this is a pdf version of the latest version (6th edition) of law and economics by cooter and ulen the ownership of this book has reverted from the publisher to its authors, so we are posting it online for everyone freely to read or use as a textbook. Unformatted text preview: law and economics • unifying theme of the course • instead of looking for the unique and defining features of law, the practitioner of law and economics looks at law as a social tool and tries to evaluate it functionally. Law and economics theory ii economic analysis of the law with applications from civil and criminal procedure, law enforcement, property, torts, decision-making by courts, settlement negotiation, contracts, and antitrust prerequisite: lwec 8401 pre- or co-requisite econ 8110.