The Study of Economics Is a Big Part of What Makes Economists Economical

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The self-interested lawyer will see only bad things happening. Imagining those responses, of course, is what the study of economics is. It's a huge part of what makes economists economists. We could learn from the state that had basically a form of deregulation in California and Texas.

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.