This course provides an introduction to microeconomics, the part of economic analysis most relevant to lawyers. The primary purpose of the course is to develop a systematic understanding of the relevant tools of economic analysis and of their application to issues of public policy. Consideration is given to conditions of efficient resource use, the role of perfect competition in achieving efficiency, causes of market failure such as externalities and monopoly, and forms of corrective intervention by the government. This course provides a basis for understanding economic issues in other courses and seminars, such as Antitrust, Environmental Law, and Taxation.
This course is intended for students who have had no prior training in economics. Students who have previously studied microeconomics should not take this course.