Nottingham University Business School
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Law and Economics

Please note that the following information may be subject to change.

Programme: Undergraduate

Module Code: N13437

Semester: Autumn

Convenor: Robert Young

Credits & Level: 10 credits; Level 3

Pre-requisites: None.

Co-requisites: None.

Target Students: Available to all Part II Business School students.

Delivery: 11 one-hour lectures plus two two-hour seminars

Assessment: One 1.5 hour examination (50%); One 1,500 word essay (50%)

Exam Format:Answer Two questions. Paper to contain Six questions. All questions carry equal marks.

Summary of Content Introduction to law and economics: the Coase theorem, property rights and transaction costs. Economics of corporate law; ownership, agency and governance structures. Economics of contract law; efficient breach and efficient remedies. Economics of tort law; efficient liability rules. Economics of criminal law; fines and imprisonment. Economics of legal processes; litigation, settlement and trial. Competitive markets; products liability. Non-competitive markets; economics of antitrust law and regulation.

Aims To provide an introduction to the insights into the law and legal processes which have arisen from the application of economic analysis, and to explore applications from the law of tort, contract and commercial law.

Key Words: Law and economics; efficiency; transaction costs; Coase theorem;
property; tort; contract; company law

Learning Objectives & Outcomes Knowledge and understanding
This module develops a knowledge and understanding of:
  • Leadership, management and development of people including the implications of the legal context
  • Leadership, management and development of organisations including the implications of the legal context
  • The development of appropriate policies and strategies within a changing environment to meet stakeholder interests
  • The need for individuals and organisations to manage responsibly and sustainably and behave ethically in relation to social, cultural, economic and environmental issues
Intellectual skills
This module develops:
  • The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions
  • Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
  • Self-analysis and awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetitie for development.
Transferable (key) skills
This module develops:
  • Articulating and effectively explaining information
  • Emotional intelligence and empathy



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Nottingham University Business School

Jubilee Campus
Nottingham
NG8 1BB

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667
email: business-enquiries@nottingham.ac.uk