Do economists make better lawyers?: Undergraduate degree field and lawyer earnings

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 variable...

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Bibliographic Details
Published in:The Journal of economic education 2003, Vol.34 (3), p.263-281
Main Authors: Craft, R. Kim, Baker, Joe G.
Format: Article
Language:English
Subjects:
Academic degrees
Academic disciplines
Attorneys
Bachelors Degrees
Bildungsertrag
Careers
Children
College graduates
degree
Earnings
Economic Impact
Economics
Economics education
Education
Educational Theories
Employment
Family structure
Features and Information
Gender
Gender Discrimination
Graduate Surveys
Graduates
Higher Education
Human capital
Investigations
Judges
Law schools
Lawyers
major
Majors (Students)
Marital status
National Surveys
Rechtsberuf
Salary
Self employment
Single persons
State government
State Surveys
Studies
Studium
Supply & demand
Supply and Demand
Thinking Skills
Undergraduate Study
USA
Variables
Wages & salaries
White people
Whites
Wirtschaftswissenschaft
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Summary: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.
ISSN:0022-0485
2152-4068
DOI:10.1080/00220480309595220