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Richard Adelstein

Think about the oldest and most familiar principles of American law, property and proportional liability, in a new and surprising way, and learn to apply economic reasoning to an especially important and interesting aspect of life.

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Syllabus

Property
Property is where law and economics meet, but it's not a simple concept. Property is not an object or a relation between people and objects, but a set of rights, relations among people over who is to control each of the many uses to which objects can be put. Different people may control different uses of an object, that is, have different property rights over its various uses, at the same time, or control the same use of the object at different times. When new uses create disputes, the law must define new property rights and allocate them initially to resolve the dispute – someone must be deemed to have won the dispute and be given initial ownership of the new rights. But once the former disputants are allowed to trade these rights among themselves, surprising results follow.
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Exchange and Efficiency
Voluntary exchange implies mutual benefit – when people trade property rights, it's because they each believe that what they get from the trade will be more valuable to them than what they have to give up to get it. So if there are no obstacles to voluntary exchange, that is, if transaction costs are low, property rights will end up in the hands of the person who values them the most, a result economists call an efficient allocation of the rights. What happens when there are barriers that impede or prevent property rights from reaching their highest valuing owner through exchange? Can the law assign property rights to achieve efficient allocation in such cases? Should it try, or are there values other than efficient allocation the law might try to advance, along with or instead of efficient allocation, in assigning property rights?
Externality
Exchange involves both benefit and cost – traders take rights from others, imposing costs on them but creating benefit for themselves, but they must compensate the others for their costs by paying for the rights they've taken. External costs are imposed when one person takes another's rights without paying for them, which leads to the taker taking more rights than efficient allocation would allow and leaves the victim uncompensated for the costs of losing the rights. The law's response to this inefficiency and injustice is liability, forcing those who take rights without payment to compensate those whose rights they have taken for the costs they have borne. Thinking about how the law determines these liability prices, and how people might respond to them, reveals the underlying economic logic of liability.
Crime and Punishment
Some externalities involve only a few uncompensated losers of rights whose costs are easily reckoned in monetary terms, so that forcing the taker to pay exactly these costs to the victims ensures both that victims will be fairly compensated and that takers will take rights only where they value the rights more than the losers do. The law calls these externalities torts, and the same principle of liability pricing extends to crimes, in which, with the same unlawful act, someone simultaneously takes the rights of many people who suffer moral costs that can't be satisfactorily measured by money. As with torts, some crimes may be efficient reallocations of rights, and the logic of liability shows that proportional punishment can, ideally, discover which crimes are or are not efficient and force all takers to compensate their victims in full for what they take.
Property, Utility and Technology
The concept of property is developed in two new directions. One concerns the problem of eminent domain and evokes the ancient conflict between individual rights and collective needs – in what circumstances, and to what extent, should private property be protected against uncompensated taking by government? How do the different theories of property considered earlier each answer this question? The other asks how voluntary exchange can be organized when technology makes it easy for people to take others' property rights without compensation. If existing rights are insufficient to prevent these takings from occurring on a large enough scale to make voluntary exchange impossible, new kinds of property rights are needed to encourage efficient levels of production and exchange. This is illustrated by the problem of intellectual goods and the new forms of property that have evolved over centuries to make exchange in ideas possible.
Criminal Procedure
Criminal liability means that crimes have prices, and how these prices are exacted in practice from people who take rights without compensation is the problem of criminal procedure. How do judges know who is guilty, and what prices guilty people should be made to pay for their crimes? Around the world, two major systems of adjudicating guilt and punishment, the adversarial and the inquisitorial, have evolved over centuries to answer these questions in individual cases, with very different procedures to assess guilt and punishment that express different commitments to truth and fairness. All these procedures are expensive, and governments everywhere must confront the problem of processing large caseloads with limited resources. This has led the inquisitorial systems of Europe and the adversarial systems of England and the United States to new procedures of adjudication that may be reducing the differences between them.

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Explores how law and economics collide in property rights
Primarily focuses on American law, which may not be applicable or relevant for learners in other jurisdictions
May strengthen existing foundation for learners with background in law and economics
Develops core skills in property, proportional liability, and economic reasoning
Taught by Richard Adelstein, a recognized expert in law and economics, which lends credibility to the course material
Offers a comprehensive examination of property rights, encompassing various perspectives and applications

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Reviews summary

Basic legal concepts

According to students, this course covers the basics of property and liability law. Learners say it is a good introduction to the subject and they appreciate the practical nature of the course. However, some criticize the course for being too basic. Overall, this course may be suitable for those seeking a foundational understanding of property and liability law.
Course is practical
"I appreciate the practical nature of the course."
Introductory course
"Nice"
"This course is a good introduction to the subject."
"It is a good introduction to the subject and I appreciate the practical nature of the course."
Course is too basic
"In a stoneage your property mean a thing;you determine the usage,you can sell your watch becos you own it.the social contract enable us to surrender our right to government who regulate and secure our property."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Property and Liability: An Introduction to Law and Economics with these activities:
Review Fundamental Accounting Concepts
Refresh your understanding of foundational accounting principles to support your learning in this course.
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  • Review notes, textbooks, or online resources on basic accounting concepts.
  • Focus on topics such as the accounting cycle, financial statements, and accounting principles.
  • Complete practice problems or quizzes to test your understanding.
Review Textbook Chapters
Supplement lectures and reinforce theoretical concepts presented in the course.
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  • Read and understand assigned textbook chapters.
  • Summarize key concepts and principles.
  • Identify and clarify any areas of confusion.
Watch Online Accounting Tutorials
Enhance understanding of specific accounting topics and gain additional perspectives.
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  • Identify areas where you need additional support or clarification.
  • Search for reputable online accounting tutorials that cover these topics.
  • Watch and actively engage with the tutorials, taking notes and asking questions as needed.
Four other activities
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Join a Study Group
Collaborate with peers to discuss concepts, solve problems, and enhance understanding through group learning.
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  • Find or create a study group with classmates.
  • Establish regular meeting times and a communication platform.
  • Prepare for each meeting by reviewing materials and identifying topics for discussion.
  • Actively participate in discussions, share perspectives, and assist your peers.
Practice Accounting Problems
Reinforce foundational accounting concepts and improve problem-solving skills.
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  • Review fundamental accounting principles and concepts.
  • Identify and solve various types of accounting problems, covering topics like journal entries, financial statement preparation, and analysis.
  • Check your solutions and identify areas for improvement.
Prepare a Mock Financial Statement
Apply accounting principles to create a realistic financial statement, solidifying your understanding of financial reporting.
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  • Select a specific company or scenario for which you will prepare a financial statement.
  • Gather and analyze relevant financial data.
  • Prepare a complete and accurate financial statement, including all necessary components.
  • Review and evaluate your financial statement to identify areas for improvement.
Compile Course Materials
Consolidate lecture notes, assignments, and resources throughout the course
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  • Gather all course materials such as notes, assignments, and resources.
  • Organize the materials into logical sections or categories.
  • Review and edit the materials to ensure accuracy and completeness.

Career center

Learners who complete Property and Liability: An Introduction to Law and Economics will develop knowledge and skills that may be useful to these careers:
Property Manager
A Property Manager's responsibilities include managing residential and commercial real estate and overseeing all phases of property upkeep. An understanding of Property Law and an examination of Economic Principles will be essential for growth and success in the field. The course will familiarize you with legal and economic principles that govern property rights and the concept of liability. The coursework will help you understand why and how these principles are applied in real estate transactions and disputes.
Real Estate Broker
A Real Estate Broker facilitates the buying and selling of property. This course will provide you with a strong foundation in property law and economics. It will help you understand the legal framework that governs real estate transactions, helping you to better serve your clients and navigate complex legal issues.
Real Estate Developer
Real Estate Developers oversee development projects from start to finish. This course will give you a solid understanding of the legal and economic principles that govern property development. It will help you to assess the feasibility of projects, negotiate contracts, and manage the legal risks associated with development.
Land Use Planner
Land Use Planners work with communities to develop plans for the use of land. This course will provide you with a strong foundation in the legal and economic principles that govern land use planning. It will help you to understand the different factors that must be considered when making land use decisions.
Environmental Lawyer
Environmental Lawyers specialize in environmental law and advise clients on environmental compliance and litigation. This course will introduce you to the legal and economic principles that govern environmental law. It will help you to understand the different types of environmental laws and regulations and how they are enforced.
Corporate Lawyer
Corporate Lawyers provide legal advice to businesses on various matters, including property law, contract law, and mergers and acquisitions. This course will help you develop a strong foundation in the legal and economic principles that govern corporate law. Whether you are working on a real estate transaction or a business contract, this course will provide valuable knowledge and skills.
Tax Lawyer
Tax Lawyers specialize in tax law. They advise clients on tax planning, tax compliance, and tax controversies. This course will provide you with a strong foundation in the legal and economic principles that govern tax law, helping you navigate the complex and ever-changing tax landscape.
Estate Planning Attorney
Estate Planning Attorneys help clients with estate planning, including wills, trusts, and probate. This course will help you develop a strong foundation in the legal and economic principles governing estate planning. It will help you understand the different types of estate planning tools and how to use them to achieve your clients' goals.
Insurance Lawyer
Insurance Lawyers represent insurance companies in litigation and advise clients on insurance coverage issues. This course will provide you with a strong foundation in the legal and economic principles that govern insurance law. Whether you are working on an insurance coverage dispute or a personal injury case, this course will provide valuable knowledge and skills.
Criminal Lawyer
Criminal Lawyers represent clients in criminal cases. This course will introduce you to the legal and economic principles that govern criminal law. It will help you to understand the different types of crimes and the defenses that can be raised against them.
Civil Litigator
Civil Litigators represent clients in civil lawsuits. This course will provide you with a strong foundation in the legal and economic principles that govern civil litigation. It will help you to understand the different types of civil lawsuits and the strategies that can be used to win them.
Judge
Judges preside over trials and make legal decisions. This course will provide you with a strong foundation in the legal and economic principles that govern the judicial system. This course will help you understand the different types of cases that come before the courts and the legal principles that are used to decide them.
Law Professor
Law Professors teach law at universities and law schools. This course will provide you with a strong foundation in the legal and economic principles that govern the legal system. It will help you to understand the different types of law and the legal principles that are used to interpret them.
Legal Journalist
Legal Journalists write about legal issues for newspapers, magazines, and websites. This course will provide you with a strong foundation in the legal and economic principles that govern the legal system. It will help you to understand the different types of law and the legal principles that are used to interpret them.
Compliance Officer
Compliance Officers ensure that their organizations comply with applicable laws and regulations. This course will provide you with a strong foundation in the legal and economic principles that govern compliance. It will help you to understand the different types of laws and regulations that businesses must comply with and the strategies that can be used to ensure compliance.

Reading list

We've selected 41 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Property and Liability: An Introduction to Law and Economics.
This classic paper in the field of law and economics examines the relationship between property rights, liability rules, and inalienability, and how these concepts affect the efficient allocation of resources.
This casebook provides a comprehensive overview of property law in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
Provides a comprehensive overview of liability law in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of liability law.
This classic and well-respected work provides a comprehensive overview of the law of property in England and Wales. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
This influential book applies economic principles to analyze tort law, arguing that liability rules should be designed to promote efficiency. It provides a rigorous and insightful examination of the economic foundations of tort law and its implications for legal policy.
This influential book provides a comprehensive economic analysis of tort law, examining the role of liability in promoting efficient behavior and compensating victims.
This philosophical work examines the nature of property rights and their relationship to individual liberty. It provides a valuable perspective on the legal and economic issues surrounding property.
This textbook provides a concise and accessible introduction to the economic analysis of tort law. It covers the major topics in tort law, such as negligence, strict liability, and causation, and it explains how economic principles can be used to evaluate and improve tort law.
This influential book provides a comprehensive overview of the economic analysis of law, including an in-depth analysis of property and liability law.
This casebook provides a comprehensive overview of the American criminal justice system. It valuable resource for students, practitioners, and anyone interested in the history and development of criminal justice.
This casebook provides a comprehensive overview of criminal procedure in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of criminal procedure.
This textbook provides a comprehensive overview of the law of criminal procedure in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of criminal procedure.
This classic textbook provides a comprehensive overview of the law of torts in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of tort law.
This collection of essays by Nobel laureate Ronald Coase provides insights into the economic analysis of law, including property rights and liability.
Provides an economic analysis of tort law. It valuable resource for students, practitioners, and anyone interested in the history and development of tort law.
This casebook provides a comprehensive overview of property law in the United States. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
Examines the constitutional foundations of private property rights in the United States. It provides a comprehensive overview of the legal and historical issues surrounding property.
Provides a comprehensive economic analysis of property rights, examining their role in promoting economic growth and development.
Provides an economic analysis of property law. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
Provides an economic analysis of property law. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
Provides an economic analysis of criminal law. It valuable resource for students, practitioners, and anyone interested in the history and development of criminal law.
This classic work provides a historical and comparative analysis of the English legal system. It valuable resource for understanding the development and operation of the adversarial system of justice.
Examines the open source software movement and its implications for the economics of intellectual property. It provides insights into the role of property rights in fostering innovation.
Provides a philosophical analysis of the concept of property, examining the different rights and interests that can be held in property.
This classic essay examines the economic and environmental consequences of common property resources, and the role of property rights in preventing their depletion.
Provides an economic analysis of property rights and economic development. It valuable resource for students, practitioners, and anyone interested in the history and development of property law.
Provides a comprehensive overview of the law of property, examining the legal and economic issues surrounding the acquisition, use, and transfer of property.
Provides a comprehensive economic analysis of law, including property rights and liability.
Provides an economic analysis of criminal law, examining the role of punishment in deterring crime and compensating victims.
This multi-volume work provides a comprehensive history of the English language, from its origins to the present day. It valuable resource for understanding the historical development of the English language and its various dialects.
Provides a comprehensive overview of intellectual property law, examining the legal and economic issues surrounding the protection of intellectual property rights.
This dictionary provides a comprehensive and authoritative guide to the English language. It valuable resource for understanding the meaning and usage of words.
This dictionary provides a comprehensive and authoritative guide to legal terms and concepts. It valuable resource for understanding the language of the law.
Provides a comprehensive overview of the logic of legal thought, including an in-depth analysis of the concepts of rights, duties, and obligations.
This guide provides a uniform system of citation for legal documents. It valuable resource for ensuring that legal documents are properly cited.
Explores the cognitive science of law, providing insights into how the human mind processes and understands legal concepts.
This guide provides a comprehensive overview of legal writing style. It valuable resource for improving the clarity and effectiveness of legal writing.
This textbook provides a comprehensive overview of international human rights law. It valuable resource for understanding the development and enforcement of international human rights norms.

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