Economics, Politics and the Law

Note: the first time you go through each of these topics you should click on the following items in sequence. 

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Part "a"
Part "b"

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The methods of economic reasoning studied so far in the course may be applicable to the analysis of a broad range of social phenomena lying outside what used to be considered the area of economics. In this topic we will look at a number of such applications, including what is called "public choice theory", the application of the methods of economics to the study of political processes.


  • To demonstrate the application of some principles of market theory to topics lying beyond pricing in product and factor markets
  • To introduce elements of the theory of public choice 
  • To explain why political (collective) choice may not yield rational outcomes
  • To raise the spectre of "regulatory failure".

Copyright 1999 K.J. Rea