ECONOMICS AND LAW
Learning outcomes of the course unit
The Economics & Law course examines the legal behaviours and juridical norms in the broadest context of socio-economic and political institutions to assess through social cost benefit analysis of institutional and regulatory options.
It aims at preparing lawyers to better understand how legal and institutional contexts modify incentives and affect socio-economic behaviours, as well as to assess legislations and institutions (for example within the context of international organization, such as the World Bank, IMF, EBRD, etc.).
The effectiveness of standards, laws and regulations necessarily depend on the socio-economic behaviour of citizens, influenced by the incentives created by implemented policies (e.g. their enforcement).
The course will provide an in-depth analysis of public institutions, devoting special
attention to efficiency and equity issues. Ample space will also be given to property law, contracts, corporate theory and other legal questions.
The course is not very technical in its nature and is designed to provide all the needed background information for a full understanding of the economic issues covered
In order to take the exam of Economics and Law, law students should have already pass the examins of Principles of Private Law, Principles of Roman Law, Constitutional Law and English language qualifying exam B1.
Course contents summary
1. INTRODUCTION TO LEGAL AND INSTITUTIONAL ECONOMIC ANALYSIS
2. EFFICIENCY EQUITY AND WELFARE.
3. PROPERTY LAW AND EXTERNALITY
4. LAW ENFORCEMENT
5. RISK ALLOCATION AND STRATEGIC BEHAVIOURS
6. THE ECONOMIC VALUE OF LIFE
7. INTELLECTUAL PROPERTY AND RESEARCH
8. COMPETITION AND ANTITRUST
9. CONTRACTS, INCENTIVE, REGULATION AND CORPORATE THEORY.
10. CIVIL RESPONSIBILITY AND OTHER LEGAL PROBLEMS
11. LAW AND EQUITY
FRIEDMAN - David, Law's Order: What Economics Has to Do with Law and
Why It Matters, Princeton University Press
POSNER, R.A. Economic Analysis of Law, 7th edition, Woters Kluwer, 2007; or 7th ed. 2011
Notes,lecture notes and other informative material on the exam will be made available during the course
Teaching activities will alternate frontal oral lessons, with active learning methods. During the lessons, focused on deepening specific issues, active participation of a group and dialogue with the entire class will be privileged. At the same time each lesson will be accompanied by correlated guided practical activities (carried out also in groups).
The study of a scolar contribution and the development of a written essay, among the ones chosen by the teacher are an integral part of the student activity. Part of these work will be analysed in class during practice hours. Students are also asked to take a look, on the internet, of what suggested by the teacher, to integrate some parts of the program.
Assessment methods and criteria
Written and oral exam (also in Italian for PS) .
The knowledge and understanding will be assessed with questions which require a short answer specifically aimed at verifying the knowledge of the concepts and principles discussed in the course.
The communication skills, the ability to apply the acquired knowledge through appropriate arguments and reflections and the autonomy of judgment will be assessed with open questions with graph, expositions and essays which require a logical and coherent articulation and integration of different notions acquired during the course.
Learning skills will be assessed on the basis of a comprehensive assessment to the different questions. The oral test may fill any gaps which eventually emerge in the written test.
Moreover, optional written and oral discussion of additional material may take place (based on the students’ demand) to gain a deeper evaluation.
The lectures cover the entire course content and are supplemented by practical exercises.
Individual help is also provided in Office Hours.