Erasmus Universiteit Rotterdam European Master in Law and Economics Scholarship in the Netherlands
Aim of EMLE is to provide students with advanced knowledge in ‘Law and Economics’ (L&E). This integrated discipline studies economic effects of legal rules and the legal bases of economic efficiency. A comparative approach is used to evaluate strengths/weaknesses of alternative legal rules from an economic viewpoint.
L&E builds on the insight that economics is a behavioural science, able to explain and predict how people act under various legal conditions, revealing which legal instruments are most efficient in addressing market failures (e.g. market power, negative externalities (e.g. pollution and risk-creation), and information-asymmetry (e.g. between producers and consumers)). Economic analysis also informs policymakers about economic effects of rules aiming at other social goals than efficiency.
By studying economic rationales of lawmaking, L&E provides a positive analysis of and normative benchmark for the actions of policymakers, administrative agencies and courts. L&E has become increasingly relevant in the modern policy debate. EMLE is a 1-year Master covering all major fields of L&E, from the traditional fields of private law, competition policy and economic regulation to analyses of international and EU law, Law & Finance, innovation and the digital economy. Insights from behavioural economics are included in the curriculum.
Due to the increasing importance of empirical methods and their usefulness for policymaking, Empirical Legal Studies are part of the curriculum. In the 1st and 2nd term, students (max. 35/class) study in 1 of 3 universities. In the 3rd term, students choose between 6 universities in smaller classes. In the first 2 terms courses on the core topics in L&E are taught. Specialisation starts in the 2nd term and is completed in the 3rd term with 2 further specialised courses and a thesis. EMLE-graduates are trained to work for private companies, public organisations, economic advisors, (multinational) lawfirms, but also for Ph.D. research.