Handbook 1996 : Faculty of Law (Volume 3 page 222)
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Optional Law subject.
Prerequisite: Property.
Contact: 2 hours per week
Timetable: First semester
Objectives:
Students completing the course should:understand the value of law and economics as a tool for analysing the law and for promoting and guiding changes in the law; have a grounding in the principles of law and economics including methodology, assumptions, approaches; be able to apply law and economics analysis to a range of issues with which they are already familiar (and therefore can approach at an in depth level); be capable of critically evaluating the use of law and economics methodology and identifying the limits of law and economics as an effective tool for analysis in a socio/legal context.
Content:
General introduction - historical development (roots in 19th century utilitarianism, response to legal realism) and current significance as a legal discipline; goals (rigorous approach to determining/evaluating economic consequences of law); scope of application contrasting old law and economics (where use of economic analysis self-evident since law explicitly implementing economic goals) with new law and economics/economics of law (where application is across the board); assumptions and methodology (introduction to concepts such as rationality, opportunity cost, marginal utility, externalities, transaction costs, Pareto versus Kaldor Hicks versions of efficiency); possible limits of law and economics (extent to which economic analysis can be used as compared to other standards such as fairness, happiness); interaction with other mainstream philosophies (in particular critical legal studies, postmodernism, feminist theory). Application to selected substantive areas of the law - both in terms of how courts/legislators and law reformers are using law and economic analysis and also how their use might be improved. Special topics will include: property law (in particular the concept of property with a specific focus on intellectual property rights); tort law (in particular the doctrine of negligence and alternatives such as strict liability, assumption of risk, statutory regimes); contract law (in particular the basic assumptions behind contract law of equal bargaining with positive sum result, limits on contract law and doctrines such as unconscionability, good faith).Critique of law and economics in the light of the above substantive analysis - determining the limits of law and economics methodology in a society such as Australia including distinctions if any, to be drawn between legislators and courts (should judges attempt such analysis, and how should economic factors be balanced against considerations such as fairness to the parties?).
Assessment:
Either Research Essay 6,000 words (100 per cent) or Research Essay 3,000 words (50 per cent) and Final Exam 11/2 hour (50 per cent) or Final Exam 3 hours (100 per cent).
Prescribed texts:
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Handbook 1996 : Faculty of Law (Volume 3 page 222)
Status: Official 1996 Date created: Oct 9 1995 Last modified: Oct 9 1995 Authorised by: Academic Registrar Email enquiries: Course_Information@registrar.unimelb.edu.au
Maintained by: Faculty of Law.
Copyright © University of Melbourne 1995,1996.