PUBLPOL206

In this course, we explore the role of law in promoting social well-being (happiness). Law, among its other benefits, can serve as a mechanism to harmonize private incentives with cooperative gains, to maintain an equitable division of those gains, and to deter social defection and dystopia. Law is thus an implementation of the social contract and essential to civilization. Economic analysis of law focuses on the welfare-enhancing incentive effects of law (and of law enforcement). More generally, we study the law's role in reducing the risks of cooperation, achieved by fixing expectations of what courts or the state will do in possible futures. Prerequisite: ECON 50.