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Law and Economics
Economic Analysis of Law
and Regulation
July 17 - August 4, 2000
Course Director: Zeljko
Sevic, University of Greenwich, England, UK
Resource Persons: Jürgen
Backhaus, University of Maastricht, The Netherlands
Aleksandra Jovanovic, University of Belgrade, Serbia, Yugoslavia
Jonathan R. Macey, Cornell University, NY, USA
Ugo Mattei, University of Turin, Italy
Zeljko Sevic, University of Greenwich, England, UK
Dr Backhaus is a Professor of Public
Economics in the Department of Economics at the University
of Maastricht and Managing Editor of the "European Journal of Law and Economics".
He holds terminal degrees in both law and economics and has published extensively
on law and economics, and public economics. A founder of the Maastricht
Workshops in Law and Economics, he is well-known as a scholar with interests
in many fields related to modern economic and legal thinking.
Dr Jovanovic is an Associate Professor
of Political Economy at the Faculty of Law at the University of Belgrade,
and author of a very well received book "Ekonomska analiza prava" [An Economic
Analysis of Law], Belgrade: Faculty of Law Press, 1998. She is one of the
leading Law and Economics Scholars
in Yugoslavia, specialising in New Institutional and Transaction Costs
Economics.
Dr Macey is J. DuPratt Professor of Law
and Director of the John. M. Olin Program in Law and Economics at the Cornell
Law School. Professor Macey is one of the leading US scholars in the field
of law and economics. With a long list of publications,
he has written on many topics related to law and economics, banking law
and regulation, security law and regulation.
Professor Macey is a winner of many awards and prizes for his academic
and professional achievements.
Dr Mattei is a Professor of Civil Law
at the University of Turin, and Professor of Law (Comparative Law, and
Law and Economics) at the University
of California at Hastings. He holds degrees in law and economics, and has
published extensively in the field of comparative law and economics. A
leading name in comparative law and economics, Professor Mattei also wrote
on many burning issues in Civil and Public Laws.
Dr Sevic is a Senior Lecturer in Finance
and the Director of Postgraduate Studies in Accounting and Finance at the
University of Greenwich Business School. Dr Sevic holds terminal degrees
in both law and (financial) economics and has published extensively on
central banking, banking reforms and economic analysis of commercial and
banking regulation. Public Sector Finance and Accounting and
Management Accounting Change are other fields of his long-term research
interests. He also serves as the Vice President & CEO of the Balkan
Center for Public Policy and Related Studies.
Course objectives
The main objective of this course is to enable
its participants to confidently use methodology of law and economics in
the process of economic analysis of law. Students should be able to critically
examine different legal acts and offer rational explanation for their enactment,
their social rationale and political and social purpose. Examining different
social institutions the participants will develop further instruments of
critical thinking and be able to distinguish between socially efficient
and inefficient legal acts. At the end of the course, students are expected
to demonstrate a considerable level of understanding of law and economics
(economic analysis of law) and to confidently apply different techniques
and methods inherent to both legal and economic critical thinking. Although
the emphasis will be put on economic methods and instruments which enables
a scholar and/or practitioner to examine positive legislative acts, participants
will be exposed to general theory of State and Law, as well, and the role
of law and economics in facilitating the process of social change in both
developed and transitional economies. The aim of the course is to support
individual work and initiate wide student participation and critical examination
of legislative process in their respective countries, referring to cultural
traditions, political games, current public policy process, economic environment,
etc. The course is conceived as a self-contained intermediate-advanced
course in economic understanding of law and regulations. However, in order
to enhance wider participation of young scholars particularly from the
target Regions the methodology and introductory lessons will also be offered.
Course level, target audience
This course targets young promising scholars
interested in legal, economic, political and applied public policy issues.
All potential participants are expected to have a very good first degree,
general knowledge of the legal system and/or legal order and economic methodology.
The applicants should be young scholars employed at educational institutions
teaching related courses, or young professionals who demonstrated clear
interest in advancement of knowledge in inter-disciplinary fields. In the
statement of purpose of the application form a potential participant must
outline his/her motives and critically assess his/her past experiences
and interest in the subject of the Course.
Syllabus
| TOPICS |
RESOURCE PERSON |
NO. OF HOURS |
TEACHING MODE |
DISCUSSION POINTS |
Introduction to Law
and Economics |
Zeljko Sevic |
3 |
lecture and entry test of general
knowledge of law, economics, and public policy process |
What is law, forms of legal acts,
legislative process, log-rolling and justice |
| Research Methods and Seminars/Presentations |
Zeljko Sevic, et al. |
7 |
lecture, student-led seminars,
student presentations |
Defining a research question, research
process, philosophical foundations of research |
| Current Issues in Law and Economics (Subsidiarity,
Taxation, Public Enterprises) |
Jürgen Backhaus |
3 |
lectures with students' participation |
When taxation is efficient, What
are the Public Enterprises |
| Labour Law, Public Law |
Jürgen Backhaus |
2 |
lectures with students' participation |
|
Structure of Public Law, Regulating employment
German School in Law and Economics |
Jürgen Backhaus |
2 |
lecture with students' participation |
|
An 'Ideal' Economic Analysis of Legal Problems
Classical Authors in Law and Economics |
Jürgen Backhaus |
2 |
lectures with students' participation |
Posner, Coase, etc. |
| Administrative Law and Economics |
Zeljko Sevic and Jürgen Backhaus |
1 |
lectures with students' participation |
Regulating Civil Service, depoliticisation,
professionalisation, accountability |
| Law and Economics of Corporate Governance |
Jonathan R. Macey |
6 |
lecture, students' seminars |
Corporate Governance - models,
practice, banks, insider trading |
| Venture Capital and High Tech |
Jonathan R. Macey |
1 |
lecture/seminar |
Nature of Venture Capital |
| Stock Exchange and OTC trading |
Jonathan R. Macey |
1 |
lecture/seminar |
Stock Regulation Policies and Practice |
| Law and Economics of Banking (complex) |
Jonathan R. Macey |
6 |
lectures and students' participation |
nature of banks, banking, central
banking, commercial transactions |
| Law and Economics of Litigation |
Jonathan R. Macey |
1 |
lectures and students' participation |
nature of trail, claims, proofs,
etc. |
| Comparative Law and Economics |
Ugo Mattei |
11 |
lectures and students' participation |
Efficiency and equity, legacy of
economists and lawyers, competition of sources of law |
| Transaction Cost Approach to Law and Economics |
Aleksandra Jovanovic |
10 |
lectures and students' presentations |
Institutions, transaction cost,
company law in transition, corporate financing, participatory firm, moral
hazard |
| Law and Finance |
Zeljko Sevic |
8 |
lectures and student-led seminars |
Investment banking, central banking,
economic structure, self-regulation, banking and financial reforms |
| Seminar on Law and Economics in Transition |
Zeljko Sevic |
3 |
discussion and brain-storming sessions |
Transition and efficiency, political
economy of transition, transition from where to what? |
| Concluding remarks, revision session |
Zeljko Sevic, et. al. |
5 |
Interactive revision, evaluation |
Students' choice |
Assignments
Participants will be asked to complete one 2,000-2,500
words essays analysing the burning legal issue in their respective countries.
Application requirements
Applicants are invited to enclose a brief of
up to 1,500 words describing the burning legal issue (Act, Law, by-law
regulation, or a particular, preferably the Supreme Court's, decision)
that they would like to analyse in order to fulfil course requirements
regarding continuous assessment exercise. The full list of all courses
in law, economics, and public policy related subjects taken through the
education should be enclosed with an application. Applicants should clearly
state whether they are fully trained/professionally qualified lawyers,
or if they hold any other professional qualification. A full student profile
during both undergraduate and postgraduate studies (list of marks obtained
and short description of courses attended) should be enclosed as a part
of the application package.
Non-discrimination policy
statement
Central European University does
not discriminate on the basis of--including, but not limited to--race,
colour, national and ethnic origin, religion, gender or sexual orientation
in administering its educational policies, admissions policies, scholarship
and loan programs, and athletic and other school-administered programs.
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