ECONOMICS LAW

A specialized course under Law Stream

About the Course – Economics Law

Economics law analyzes the effects of various laws on the individual and society by applying economic principles. Economics Law uses economic concepts (like scarcity of resources, supply, demand, market efficiency, and bargaining power) to explain the purpose and effects of various laws. In addition, it also assesses the legal rules that are economically efficient. Economics Law performs analysis on positive law and normative law. Positive analysis of law uses economic analysis to predict the effects of various legal rules, often explaining the development of laws in terms of their economic efficiency. In contrast, Normative law goes further and actually makes policy recommendations based on the projected economic consequences of different legal approaches. Students who study economics, business, or management as undergraduates prefer Law and Economics in their further studies. However, students, who feel that they need to learn about these disciplines in order to be effective lawyers, also go on to pursue this program. In fact, there is a special branch of both economics and law where the fields are brought together: ‘law and economics’, sometimes called the ‘economics of law’ or the ‘economic analysis of law’.

Listed here are some of the principal objectives of the course.

  • To have a better understanding of society (through a better understanding of economics) so as to better understand the design of the legal system
  • To model/predict the practical implications of legal changes
  • To find potential improvements of the law
  • To be able to decide what rules should exist and what should not

Career Prospect

With a degree in law or economics, you can work in a variety of industries. You’re not limited to being a lawyer or economist – other job options include compliance officer and paralegal.  As an Economist your jobs include providing recommendations to organizations or governments, evaluating and forecasting business trends, and creating diagrams or reports to present their findings. Economists can work for the federal government or scientific research and development services firms.  Lawyers can choose to specialize in fields like environmental or tax law. As a Lawyer your jobs include representing clients in court, completing and submitting legal documentation like appeals or wills, and performing research on legal issues. 

Career Opportunity

Compliance Officer, Market Research Analyst, Lawyer, Economist,

Employment Opportunity

An Economics Law degree will enable you to study industry trends, labor markets, the prospects for individual companies, and the forces that drive the economy. Law school graduates can expect steady increases in income as they gain more years of experience. 0-5 years: $70,000 5-10 years: $98,000 10-20 years: $119,000 20 or more years: $139,000.

Course Available by Providers

The courses are generally provided at, Bachelor (UG) and Master (PG) levels.

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