Skip to main content
Unit of study_

LAWS3447: Law and Economics

Semester 2, 2022 [Normal day] - Camperdown/Darlington, Sydney

The aim of the unit of study is to provide an understanding of the economic analysis of law and to clarify fundamental differences between legal argument and the analysis of public policy. The unit defines the role of government within the framework of welfare economics and examines the social and economic effects of legal regimes within that framework. Particular attention is given to the concept of a competitive market, to the available empirical evidence on market failure, and to the need for government intervention in response to market failure and its negative consequences for social justice. Topics covered include: theoretical concepts of social justice; social insurance; externalities and the environment; monopoly regulation, tort rights and remedies; asymmetric information, adverse selection and moral hazard with applications to medical malpractice; agency, corporate governance and managerial incentives; family law; taxation; and the measurement of inequality.

Unit details and rules

Unit code LAWS3447
Academic unit Law
Credit points 6
Prohibitions
? 
LAWS5147
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Patricia Apps, patricia.apps@sydney.edu.au
Type Description Weight Due Length
Final exam (Take-home short release) Type D final exam Final take-home exam
Compulsory final take-home exam (60%)
0% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3
Presentation Class Presentation
Presentation
0% Ongoing 5 - 10 mins
Outcomes assessed: LO1 LO3 LO2
Assignment 1st Essay
Compulsory 1st interim essay (15%)
0% Week 05
Due date: 29 Aug 2022 at 17:00

Closing date: 05 Sep 2022
800 words / 2 weeks
Outcomes assessed: LO1 LO2 LO3
Assignment 2nd Essay
Compulsory 2nd interim essay (15%)
0% Week 07
Due date: 12 Sep 2022 at 17:00

Closing date: 19 Sep 2022
800 words / 2 weeks
Outcomes assessed: LO1 LO2 LO3
Assignment Short essay
Short essay
0% Week 11
Due date: 17 Oct 2022 at 17:00

Closing date: 24 Oct 2022
500 words / 11 weeks
Outcomes assessed: LO1 LO2 LO3
Type D final exam = Type D final exam ?

Assessment summary

Compulsory 1st Essay (15%):

The essay will require answering a question based on topics A and B. It will be released on 15 August 9am and is due 29 August 5pm. The maximum word count is 800 words. This word count includes all text, headings, footnotes and an adjustment for figures (if any).

Compulsory 2nd Essay (15%):

The essay will require answering a question based on topics A, D and E. It will be released on 29 August 9am and is due 12 September 5pm. The maximum word count is 800 words. This word count includes all text, headings, footnotes and an adjustment for figures (if any).

Both essay tasks aim to assess student’s ability to develop logical arguments and draw on relevant evidence.

Choice of Short Essay or Class Presentation (10%):

Students select from a list of media articles which will be released by 1 August from which to select a topic for a presentation or for a short essay. The question for each media article will relate to issues covered in the lecture notes. 

The presentation should be of 5 – 10 minutes duration and will be held from mid-late October onwards. The presentation is an opportunity for all students (whether or not they choose this assessment) to increase their understanding of and to participate in the discussion of unit of study content.

The short essay has a maximum word count of 500 words and is due 17 October 5pm. 

Each task will require demonstration of an understanding of the logic and evidence required in answering questions in relation to legal rules and public policy.

Compulsory ​Final Take-Home Exam (60%): 

The exam will be a duration of 2 hours writing and 30 minutes reading time and will be released during the formal exam period. It will be composed of problem questions of which four must be answered. The maximum word limit is 500 words for each question answered. 

The exam will test a student’s understanding of logic and the relevance of evidence based on selected law and policy issues drawn from the lecture notes.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

• Completely answers the question.
• Contains striking originality of approach or analysis.
• Demonstrates exhaustive or innovative research (where independent research
required).
• Exceptionally well written, structured and expressed.
• Is otherwise exceptional in some way.

Distinction

75 - 84

• Completely answers the question.
• Achieves a critical and evaluative approach to the issues.
• Content and structure is well organised in support of the argument.
• Demonstrates extensive research and analysis to support a well-documented
argument.
• Generally well expressed and free from errors.
• Has a clear structure and is well articulated.

Credit

65 - 74

• Covers main issues fairly well in answering the question.
• Contains no significant errors
• Demonstrates an attempted critical approach to the issues.
• Demonstrates reasonably sound research and analysis in addressing the key issues.
• Has a clear structure and reasonably clear expression.

Pass

50 - 64

• Identifies the key issues, but does not follow through with a reasoned argument.
• Contains some significant errors.
• Displays satisfactory engagement with the key issues.
• Offers descriptive summary of material relevant to the question.
• Superficial use of material, and may display a tendency to paraphrase.
• Demonstrates little evidence of in-depth research or analysis.
• Adequate expression.
• Overall, demonstrates the minimum level of competence in the assessment and
satisfies the requirements to proceed to higher-level studies in the degree or subject
area.

Fail

0 - 49

• Does not answer the question.
• Contains significant or numerous errors.
• Few or no identifiable arguments.
• Content that is inappropriate or irrelevant.
• Lack of research or analysis.
• Difficult or impossible to understand through poor grammar, expression or
structure.
• Overall, does not demonstrate the minimum level of competence in the
assessment.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, without an approved extension, will attract a penalty of 5% of the total marks available for the piece of assessment per calendar day or part thereof. For example, a submission after 5pm but by 11.59pm on the due date will attract a 5% penalty. A submission after midnight of the due date for submission will attract a 10% penalty. A submission on the following day after midnight will attract a 15% penalty, and so on. Canvas allows students to submit after the deadline, but all submissions after the due date and time will be recorded as late. The date and time of submission as recorded by Canvas is taken as the official and final record of a student's submission. Late penalties do not apply to exams and any late submission will not be accepted.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Welfare economics and public policy Seminar (2 hr) LO1 LO2 LO3
Social choices, the theory of second-best and the role of evidence Seminar (2 hr) LO1 LO2 LO3
Week 02 Economics of insurance Seminar (2 hr) LO1 LO2 LO3
Externalities, climate change and policy options Seminar (2 hr) LO1 LO2 LO3
Week 03 Theories of regulation Seminar (2 hr) LO1 LO2 LO3
Monopoly regulation: application to utilities Seminar (2 hr) LO1 LO2 LO3
Week 04 Optimal tax theory Seminar (2 hr) LO1 LO2 LO3
Australian income taxation Seminar (2 hr) LO1 LO2 LO3
Week 07 Household models: an overview Seminar (2 hr) LO1 LO2 LO3
Taxation and the family Seminar (2 hr) LO1 LO2 LO3
Week 08 Modelling the couple household Seminar (2 hr) LO1 LO2 LO3
Capital income taxation: the tax base Seminar (2 hr) LO1 LO2 LO3
Week 10 Modelling the life cycle Seminar (2 hr) LO1 LO2 LO3
Retirement incomes, insurance and demographic change Seminar (2 hr) LO1 LO2 LO3
Week 11 The social insurance role of home ownership Seminar (2 hr) LO1 LO2 LO3
Models of liability and negligence rules and the role of insurance Seminar (2 hr) LO1 LO2 LO3
Week 12 Agency and corporate governance Seminar (2 hr) LO1 LO2 LO3
Stock options and other forms of remuneration Seminar (2 hr) LO1 LO2 LO3
Week 13 Discussion of presentations and essay topics Seminar (2 hr) LO1 LO2 LO3
Revision and sample exam questions Seminar (2 hr) LO1 LO2 LO3

Attendance and class requirements

Attendance: All students are required to attend 70% of classes (or as otherwise specified by the Unit Coordinator) to satisfy the pass requirements for each unit of study. Attendance requirements must be satisfied by in person attendance as specified by the Unit Coordinator. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.

Word count penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude bibliography; footnote numbers; footnote citation; cover page and include body text; headings and sub-headings; quotations; anything other than numbers and citations in footnotes.

Referencing: Referencing and footnotes may follow the style of the social sciences or, alternatively, the Australian Guide to Legal Citation (4rd edition, 2018). A link to the website where the latter is set out comprehensively is available at About the Australian Guide to Legal Citation (‘AGLC’). See also the library guide Referencing and Citation Styles: AGLC4.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

A set of lecture notes will be made available on Canvas.

A Reading Guide specifying the required and optional readings will be provided on Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Develop an understanding of the socio-economic context in which the legal system is embedded, with particular emphasis on the concepts of social justice and the need for government intervention in response to systemic market failure
  • LO2. Develop an understanding of the differences between legal reasoning and the theoretical and empirical analysis of the social welfare effects of law and public policy
  • LO3. Think critically about law and policy issues, especially those bearing on economic and social problems, as well as to the use of data and empirical evidence in the evaluation of arguments

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes apart from updates for new developments in the literature that have appeared since the unit was last offered

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.