Thursday, May 18, 2006
Here is the abstract of an interesting Journal of Economic Education article that suggests lawyers with economics training earn higher salaries:
Do Economists Make Better Lawyers? Undergraduate Degree Field and Lawyer Earnings, by R. Kim Craft and Joe G. Baker
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.