The mission of the Law and Economics major is to provide students with the analytical and decision-making framework provided by economic theory, the reasoning and argumentation skills of business law, and a broad overview of law and legal institutions.
The Law and Economics major combines the elements of both disciplines- the analytical and decision-making framework provided by economic theory as well as the reasoning and argumentation skills of business law. The modern manager faces legal implications of decision-making in daily operations and in formulating business strategy. Business law courses provide the student with insight into legal institutions, the nature of legal language, the regulatory environment and the legal principles pertaining to property rights, contracts, business organization and commercial relationships. the economic content features the use of problem-solving techniques to develop analytical decision-making skills. Students will gain an appreciation of the perseveration of individual rights and methods to evaluate the efficiency of the legal system
The major is intended for students preparing for a career in the legal profession or those seeking a legal emphasis within their business or liberal arts studies. A student planning to attend law school will receive valuable information to the use of economics in legal applications. A working knowledge of these basic issues also benefits others, e.g. expert witnesses routinely use economic concepts in testimonies.
Goals of the Program
Develop literacy in the tools of the microeconomic analysis.
Develop analytical thinking skills that will allow students to critically evaluate the actions of individuals and organizations both within and outside the legal system.
Promote familiarity with the institutions and processes of the U.S. legal system.
Develop effective written communication skills to support legal reasoning and promote an advocacy position.