Is the Fed a Good Idea?

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There could be a thousand people of which 900 are deluded into thinking they're on the top 100. Milton Friedman was sort of a purist in that regard. Paul Famerson too made it clear that they were not looking for that kind of life and kept with their academic work.

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.