Market-based economies depend upon legal systems that establish and protect property rights. In this and many other instances the law is designed to encourage and support economic activity; in others it is designed to restrain certain types of otherwise rational economic behavior. This course will apply fundamental economic concepts, such as supply and demand, competition, monopoly, externalities, and Pareto efficiency to a range of legal topics, including contracts, torts, criminal, and intellectual property law to explain the economic motivation and consequences of the legal framework. For those students considering law school, this course offers an exposure to many of the legal concepts found in the first year law school curriculum.
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