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Do Economists Make Better Lawyers? Undergraduate Degree Field and Lawyer Earnings

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Author Info
R. Kim Craft () (Southern Utah University)
Joe G. Baker (Southern Utah University)
Abstract

Using nationally representative data, the authors examine the effects of preprofessional education on the earnings of lawyers. They specify and estimate a statistical earnings function on the basis of well-established theory and principles. Along with standard control variables, categorical variables are included to represent graduate degrees in addition to the law degree and an assortment of undergraduate major fields. Holding a Ph.D. or M.B.A. degree, with the law degree, is associated with significantly higher earnings in some sectors. Lawyers with undergraduate training in economics earn more than other lawyers, ceteris paribus, and economics is the only undergraduate field associated with earnings that differ significantly. The available evidence supports the hypothesis that economics training increases a lawyer’s human capital compared with other undergraduate majors.

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Publisher Info
Article provided by Helen Dwight Reid Foundation in its journal Journal of Economic Education.

Volume (Year): 34 (2003)
Issue (Month): 3 ()
Pages: 263-281
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Handle: RePEc:jee:journl:v:34:y:2003:i:3:p:263-281

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Related research
Keywords: degree; earnings; economics; lawyers; major;

Find related papers by JEL classification:
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
K00 - Law and Economics - - General - - - General (including Data Sources and Description)

References listed on IDEAS
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  1. Rosen, Sherwin, 1992. "The Market for Lawyers," Journal of Law & Economics, University of Chicago Press, vol. 35(2), pages 215-46, October.
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  2. Berger, Mark C., 1988. "Cohort size effects on earnings: Differences by college major," Economics of Education Review, Elsevier, vol. 7(4), pages 375-383, August. [Downloadable!] (restricted)
  3. Eric Eide, 1994. "College Major Choice And Changes In The Gender Wage Gap," Contemporary Economic Policy, Western Economic Association International, vol. 12(2), pages 55-64, 04. [Downloadable!] (restricted)
  4. Weisbrod, Burton A, 1983. "Nonprofit and Proprietary Sector Behavior: Wage Differentials among Lawyers," Journal of Labor Economics, University of Chicago Press, vol. 1(3), pages 246-63, July. [Downloadable!] (restricted)
  5. James, Estelle, et al, 1989. "College Quality and Future Earnings: Where Should You Send Your Child to College?," American Economic Review, American Economic Association, vol. 79(2), pages 247-52, May. [Downloadable!] (restricted)
  6. Rumberger, Russell W. & Thomas, Scott L., 1993. "The economic returns to college major, quality and performance: A multilevel analysis of recent graduates," Economics of Education Review, Elsevier, vol. 12(1), pages 1-19, March. [Downloadable!] (restricted)
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