Are We Concerned About Transparency?

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The American Bar Association frowns on ratings of law schools. It's a very strange way to deal with an information problem, he says. Why don't we have policies that are more directed, you know, toward transparency? I did not go to law school. That would be like a sign on your door that says, a sign onyour wall of a certain size?"

Clifford Winston of the Brookings Institution talks with EconTalk host Russ Roberts about the market for lawyers and the role of lawyers in the political process. Drawing on a new co-authored book, First Thing We Do, Let's Deregulate All the Lawyers, Winston argues that restrictions on the supply of lawyers and increases in demand via government regulation artificially boost lawyers' salaries. Deregulation of the supply (by eliminating licensing) would lower price and encourage innovation.