Applying Economic Theory in the Practice of Law

In this seminar, we will investigate, discuss, and write about how the economic theory that you are learning can be applied in several areas of substantive and procedural law. We will apply both traditional (neoclassical) and behavioral economic theory. We will perform both positive and normative analyses. Among many other law and economics topics, we will explore how, thinking like economists, will enable you to analyze: the allocation and transfer of property rights, the effectiveness, efficiency and fairness of criminal laws, the deterrence and compensation goals of the tort (accident) law system, the effectiveness and efficiency of the laws and rules that govern the United States judicial system, applying game theory, why civil legal disputes are commenced and often, but not always, settle, the use or misuse of statistics and expert evidence, the efficiency and accuracy of jury trials, the effects of allocating attorneys' fees and fee-shifting in civil litigation, and the costs and benefits and operation of the United States patent law system. Throughout the semester, the emphasis will always be on how the economic theory that you are learning can be applied in the practice of law in real world situations.