LAWS3335 Economic Analysis of Law

Student Chris Wong (2014)

Brief overview of topics studied in the course:
Economic Analysis of Law was offered for the first time in Semester 2 2014. It is aimed at providing law students with an introduction to the (long neglected) field of law and economics. By examining the application of economic principles to current areas of law, the course attempts to provide students with the skills to analyse the law from an economic standpoint in a vein similar to the American movement in law and economics.

Students will cover topics including behavioural economics, contractual law and remedies, asymmetric information, game theory, and public choice. The course also explores the limitations of current neo-classical economic models as well as shortcomings in the law from an economic standpoint.

Interesting features of the course:
This course is very useful for any law student intending to pursue a career in public policy or any area of commercial law. The course marries economic theory with various legal doctrines in a novel way, providing students with another avenue by which legal policy can be analysed in an intuitive way. This course is also the only course offered by the law school that focuses on the application of economic principles to law. It covers a broad range of integra economic concepts that few students outside of the Business School will have had exposure to. Most importantly, the course is able to apply these economic principles in interesting and relevant ways to contemporary legal issues, which lies at the core of this course’s appeal and usefulness.

Preliminary thoughts and comments
Currently taught by Rosalind Dixon, the course benefits from her wealth of knowledge gained during her education in the United States, as well as her continuing research in the field. Whilst I have not yet finished the course, it is proving to be one that I would recommend for all students. Law and economics is an established and highly regarded field in international practice and this course provides students with at least a satisfactory understanding of the skills required to apply economic theory to law.