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Do Law Professionals Lack Economic Knowledge? Field Evidence from Greece

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  • Hassid, Joseph
  • Maniatis, George
  • POLEMIS, Michael

Abstract

The scope of this study is to investigate how legal professionals can benefit from a comprehensive understanding of economic principles and practices, thereby enriching their analytical and decision-making capabilities. For this reason, we use data from a field survey of Greek law professionals practicing mainly in commercial and civil law to conduct rank-ordered logit regression analysis. Our econometric findings signify the LAPET survey’s results regarding the lack of economics knowledge in several fields such as economics for business, the functioning of the markets, and competition economics. Furthermore, a gap between perceived usefulness and adequacy reveals a need for enhanced expertise in economics and business methods. Graduate studies in economics and business-related experience increase perceived competence in these areas, while self-employed practice is less beneficial. Our results underline the importance of further education and the role of business professional experience in enhancing lawyers' knowledge of economics and business methods.

Suggested Citation

  • 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.
    • Handle: RePEc:pra:mprapa:122550
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    File URL: https://mpra.ub.uni-muenchen.de/122550/1/MPRA_paper_122550.pdf
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    References listed on IDEAS

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    3. Hausman, Jerry A. & Ruud, Paul A., 1987. "Specifying and testing econometric models for rank-ordered data," Journal of Econometrics, Elsevier, vol. 34(1-2), pages 83-104.
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    5. 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.
    6. Koop, G & Poirier, D J, 1994. "Rank-Ordered Logit Models: An Empirical Analysis of Ontario Voter Preferences," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 9(4), pages 369-388, Oct.-Dec..
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    More about this item

    Keywords

    Law and economics; Survey; Interdisciplinarity; Economics Education; Rank-ordered logit;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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