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June 20, 2014

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Barry

Eric Rasmusen : "To see if a law degree increases one's income, the obvious thing to do is look at people with law degrees and see if they have higher incomes than people who do not."

As pointed out, ask a statistician.

" It's not to see how many have jobs as lawyers. Indeed, I'd expect to find the wealthiest people with law degrees in non-law jobs--- they would move into real estate, corporate leadership, etc. and make more money than big-law partners. Maybe the same happens at a lower level too."

I would expect the singular wealthiest people to be in non-law degrees, as well. Analogous to the richest Harvard alum of the 20th century being a drop-out.

However, anybody who relies on that is a fool; anybody who pushes that on others is not to be trusted.

"More fundamentally, it's a mistake to look at education just as a way to make money. Really, even the kids who are getting the big-law jobs could make more money on Wall Street, at least if they aren't scared of numbers. And I would consider someone who gets an English PhD over a 9 year period and then teaches high school English a success--- he has managed to spend his life immersed in great literature and actually getting paid to do it!"

You've failed to mention that law school will set somebody back from $100K to $250K, *not* counting interest.

That's when it stops being fun and games.

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