Lawyering

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There's a wide range of things called lawyering that would vary a lot in how much skill, talent, and education might be required by the market. What's the evidence that this is a serious problem? It could just be that there's just not much effect. Do we know whether they restricted a little bit or a lot? Yes. And then working through all the various alternative explanations for why these premiums might exist.

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.