Law > Study Notes > ECO320 Midterm 1 Review Notes (All)
ECO320 Midterm 1 Review NotesLecture 1- ECO Law Introduction The “central problem” is optimality in the economic analysis of law: The “problem” for “lawmakers” is to maximize soc ... ial surplus: What does one mean by a law? A law is a rule that may or may not have economic consequences for an individual person or a group Where do “laws” actually come from? Custom Judicial Precedent (Common Law) Statutory Legislation Executive Decision – Making So some forms of economic analysis of laws use: markets without private goods (Intellectual Property) markets with “bads” (crime) markets without prices (marriage, domestic contracts) Private Goods Property Rights o Right To Pollute o Right To Enjoy Property Free of Pollution o Right To Contract on Property Rights o Right To Damages and/or an o Injunction for Breach of Contract Private Bads o Torts o Intentional o Pollution o Assault o Fraud o Unintentional o Negligence Economics concerns questions like: Will a reduction in the capital gains tax make the stock market rise? Will higher tariffs make consumers better off? Will increased prison terms reduce crime? Will easier divorce improve the status of women? Do stronger copyright laws promote creativity? Will a high-price (meaning low volume of sales) strategy lead to more profit for a firm than a low-price strategy?October 12, 201 [Show More]
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