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| Semester | spring semester 2021 |
| Course frequency | Every spring sem. |
| Lecturers | Geoffrey Miller (geoffrey.miller@unibas.ch, Assessor) |
| Content | Our topic has two general features (a) an application of economic principles and reasoning to legal data; and (b) a partnership between the study of law, with its deep understanding of institutions, and the rigorous analysis and use of formal and informal models characteristic of economic thinking. I call the first of these “economic analysis of law” and the second “law and economics.” Economic analysis of law: In some cases the analysis is empirical. Just as a standard economic study might use statistical instruments to estimate the elasticity of demand in a market based on a data set of prices and other variables, a law-and-economics study might look at data on cigarette prices in order to estimate the effect of a law restricting the marketing of these items. In other cases the analysis is theoretical. A standard economic model presents a simplified picture or model of an area of economic activity in order to understand how the variables in the model are likely to relate to one another. A theoretical law-and-economics study, similarly, might present a theoretical model of the relationship between the amount of a fine for violations and the level of compliance with a rule. Just as in conventional economics, theory and observation are linked in the field of law-and-economics; the researcher first develops a theory of how legal institutions will affect behavior, and then may elect to test the theory by compiling data and performing a statistical analysis. Law and economics: The other side of our topic is a bit different. It sees the relationship between economics and law as a partnership between autonomous disciplines. Just as lawyers have a great deal to learn from economists about how to analyze legal rules and principles, economists have much to learn from lawyers about how these rules and principles actually function in the real world. Economics supplies the analytic rigor; law supplies the institutional knowledge. Law and economics has a long history tracing back to Jeremy Bentham, Adam Smith, John Stewart Mill, and Karl Marx; but the modern discipline owes most to Ronald Coase, the winner of the 1991 Nobel Prize in Economics. Coase’s foundational paper, The Problem of Social Cost (1960), forms the intellectual core of this course. Although we do not read the paper, we will work through the essential ideas behind the Coase Theorem, the thesis that under certain conditions the allocation of legal rights has no impact on social wealth (although it does have an impact on how that wealth is distributed). The class will examine how the fundamental insight of the Coase Theorem applies in legal contexts such as accident law, contract law, property law, criminal law, and consumer law. Law and economics, as a field, does not depend on the law of any particular country or jurisdiction. Any country’s laws can be analyzed through an economic lens. This course will look primarily at cases from the United States and the UK, but attention will be given to principles of Swiss and German law as well. Students should come away with an enhanced understanding of the economic dimensions of legal rules, and an ability to understand the possible welfare implications of different regulatory approaches to social problems. |
| Learning objectives | Students should come away with an enhanced understanding of the economic dimensions of legal rules, and an ability to understand the possible welfare implications of different regulatory approaches to social problems. |
| Bibliography | Course materials consist of reports of legal decisions, plus possibly supplemental materials supplied by the instructor. |
| Comments | This course is part of the Summer School in Law, Business and Economic Policy. The course will be taught via Zoom. |
| Weblink | Weblink |
| Admission requirements | Recommended Prerequisites: Introduction to Economics (Einführung in die Volkswirtschaftslehre, 10130) |
| Course application | All applications have to be processed through the Summer School office. Please fill in the application form, which can be found on the weblink: https://wwz.unibas.ch/de/application-enrollment/ The online application is open from 5 March until 29 March 2021. Applications that are submitted by 15 March (23:59) will be handled on a priority basis. For more information, please visit the Summer School website: https://wwz.unibas.ch/de/summerschool/ The enrollment for the course is at the same time the final registration for the exam! If there are still vacancies, we will accept late applications until 31 May 2021. |
| Language of instruction | English |
| Use of digital media | Online course |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| Block | See individual dates | ||
| Date | Time | Room |
|---|---|---|
| Monday 28.06.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Tuesday 29.06.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Wednesday 30.06.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Thursday 01.07.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Monday 05.07.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Tuesday 06.07.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Wednesday 07.07.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Thursday 08.07.2021 | 14.00-16.30 | - Online Präsenz -, -- |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's Studies: Business and Economics) Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics) Modul: Wirtschaft in Osteuropa (Bachelor's degree program: Eastern European Studies) Modul: Wirtschaft in Osteuropa (Bachelor's degree subject: Eastern European Cultures) |
| Assessment format | end-of-semester examination |
| Assessment details | Attendance and good preparation are prerequisites for being a valuable participant in the class. You are expected to attend every class. Grading will be based on your performance in class participation and a final exam. The grading weights are as follows: Class Participation 30% Final Exam 70%; Exam date: 13 July 2021; 10:00 - 12:00 |
| Assessment registration/deregistration | Registration/deregistration: faculty |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |