Basic Areas of Law

Basic areas of law (JEL K1) cover the economic analysis of property, contract, and tort law.

Scope

It includes the economics of property rights, contracts, torts, and the common-law foundations of private ordering.

Sub-topics

• General
• Property Law
• Contract Law
• Tort Law and Product Liability • Forensic Economics
• Criminal Law
• Civil Law • Common Law
• Election Law
• Other

Core questions

• How do property, contract, and tort rules shape incentives?
• What allocation of rights is efficient?
• How does private law promote efficiency?

Key concepts

• Property rights
• Contract law
• Tort law
• Coase theorem
• Efficient liability

Frequently asked questions

How does law and economics analyse property?

By examining how property rights and their allocation affect incentives and the efficient use of resources.