Course Details
Economics law analyzes the effects of various laws on the individual and society by applying economic principles. Economics Law uses economic concepts (like scarcity of resources, supply, demand, market efficiency, and bargaining power) to explain the purpose and effects of various laws. In addition, it also assesses the legal rules that are economically efficient. Economics Law performs analysis on positive law and normative law. Positive analysis of law uses economic analysis to predict the effects of various legal rules, often explaining the development of laws in terms of their economic efficiency. In contrast, Normative law goes further and actually makes policy recommendations based on the projected economic consequences of different legal approaches. Students who study economics, business, or management as undergraduates prefer Law and Economics in their further studies. However, students, who feel that they need to learn about these disciplines in order to be effective lawyers, also go on to pursue this program. In fact, there is a special branch of both economics and law where the fields are brought together: ‘law and economics’, sometimes called the ‘economics of law’ or the ‘economic analysis of law’.
Listed here are some of the principal objectives of the course.
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To have a better understanding of society (through a better understanding of economics) so as to better understand the design of the legal system -
To model/predict the practical implications of legal changes
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To find potential improvements of the law
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To be able to decide what rules should exist and what should not
Career Prospect
Career Opportunity
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Compliance Officer
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Market Research Analyst
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Lawyer
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Economist
