Course Details
Subject {L-T-P / C} : HS5466 : Introduction to Law, Labour and Institutional Economics { 3-0-0 / 3}
Subject Nature : Theory
Coordinator : Prof. Bikash Ranjan Mishra
Syllabus
Unit – I LAW AND ECONOMICS
Background principles in Economics, Essential concepts in the law and Economics, The Doctrine of Tort Law, Criminal law, The law of Contract, Litigation, Innovation Policy.
Unit – II LABOUR ECONOMICS
Overview of the Labour Market, Demand for and Supply of labour, Frictions in the Labour Market, Wage Determination in competitive market and under imperfect competition, Human Capital, Worker Mobility: Migration and Immigration Unemployment and Inequality Unions and Labour Market.
Unit – III INSTITUTIONAL ECONOMICS
Traditional “Old” and New Institutional Economics, Institutional analysis Transaction costs Contracts Property Rights Organization, Social cost and Social capital Informal economy and corruption Governance Structure.
Course Objectives
- To revise the foundations of principles of micro and macro Economics.
- To critically understand the mechanisms with which tort, criminal, and contract laws can be used to consider the fundamental economic choices of households and firms.
- To apprehend the labor behavior under different market conditions along with the impact of training and education on human capital formation and its mobility
- To have an in-depth analysis of the institutional paradigms of an economy, its trajectory and reforms.
Course Outcomes
By the end of the course, students will be able to: <br />1. CO1: Knowledge of the foundations of micro and macro economics principles. <br />2. CO2: Appreciate the different types of laws mechanisms to consider optimal economic choice decision-making. <br />3. CO3: Understand the significance of the labor market, human capital, and migration. <br />4. CO4: Be familiar with the details of institutional quality parameters. <br />5. CO5: Know about the policies related to innovation, labor, and governance.
Essential Reading
- Alan Devlin (2015), Fundamental Principles of Law and Economics, 1st Edition, Routledge, Taylor and Francis Group, New York, USA
- 2. Ronald G. Ehrenberg and Robert S. Smith (2018), Modern Labor Economics: Theory and Public Policy, 13th Edition, Routledge, Taylor and Francis Group, New York, USA
Supplementary Reading
- Douglas C. North (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, USA
- 2. Claude Menard and Marry M. Shirley (2022), Advanced Introduction to New Institutional Economics, Edward Elgar Publishing Limited, UK