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Do Economists Make Better Lawyers? Undergraduate Degree Field and Lawyer Earnings

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  • R. Kim Craft
  • Joe G. Baker

Abstract

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.

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  • R. Kim Craft & Joe G. Baker, 2003. "Do Economists Make Better Lawyers? Undergraduate Degree Field and Lawyer Earnings," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(3), pages 263-281, January.
    • Handle: RePEc:taf:jeduce:v:34:y:2003:i:3:p:263-281
    DOI: 10.1080/00220480309595220
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    References listed on IDEAS

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    1. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
    2. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, Second Edition," NBER Books, National Bureau of Economic Research, Inc, number beck75-1.
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    Cited by:

    1. John Fordyce & Lisa K Jepsen & Ken McCormick, 2017. "Predicting First-year Law School Performance: The Influences of Race, Gender, and Undergraduate Major," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(1), pages 64-77, January.
    2. Del Rossi, Alison F. & Hersch, Joni, 2008. "Double your major, double your return?," Economics of Education Review, Elsevier, vol. 27(4), pages 375-386, August.
    3. John V. Winters, 2016. "Is economics a good major for future lawyers? Evidence from earnings data," The Journal of Economic Education, Taylor & Francis Journals, vol. 47(2), pages 187-191, April.
    4. Thomas Carroll & Djeto Assane & Jared Busker, 2014. "Why it Pays to Major in Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 45(3), pages 251-261, September.
    5. Hassid, Joseph & Maniatis, George & POLEMIS, Michael, 2024. "Do Law Professionals Lack Economic Knowledge? Field Evidence from Greece," MPRA Paper 122550, University Library of Munich, Germany.
    6. Sam Allgood & William B. Walstad & John J. Siegfried, 2015. "Research on Teaching Economics to Undergraduates," Journal of Economic Literature, American Economic Association, vol. 53(2), pages 285-325, June.
    7. Patricia M. Flynn & Michael A. Quinn, 2010. "Economics: Good Choice of Major for Future Ceos," The American Economist, Sage Publications, vol. 55(1), pages 58-72, May.

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