Unit 6: Law and Economics
Teaching Hours for this Unit: 12 (the course’s flagship — the law faculty’s own economics)
Syllabus coverage in this unit
6.1 Market Failure: Meaning, Types and Sources/Causes · 6.2 Government Response to Market Failure: Monopoly Regulation, Antitrust Policy, Tax, Subsidy, Operating Control, Control of Environmental Pollution · 6.3 Economic Efficiency and Justice: Pareto efficiency and Kaldor-Hicks efficiency · 6.4 Coase Theorem: Transaction Cost and Market Efficiency · 6.5 Economic Analysis of Law: Introduction, Origin and History, Major Schools, Objectives, Approaches, and Stages · 6.6 Economic Rationale for Legal Rules with Reference to Contract Law, Property Law, Tort Law etc. · 6.7 Game Theory: Dominant Strategy, Nash Equilibrium and Prisoner’s Dilemma
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