Lawyers and Rent Seeking

[Vaevictis]

Was reading my economics book, and came across this passage:

Researchers Murphy, Shleifer and Vishny (to widespread amusement in the economics profession) actually do identify lawyers as rent seekers. They also identify engineers as entrepreneurs, and suggest the number of students enrolled in engineering courses as a measure of how much talent a society allocates towards value-added endeavors. Using these definitions, they studied the growth performance between 1960 and 1985 of 91 countries to determine the influence of student enrollments in engineering and law on economic growth. The results suggest that every 10% increase in engineering enrollment boosts growth by 0.5% and that every 10% increase in legal enrollments lowers growth by 0.3%

Thanks a lot, Homey. If we go into a recession, it's all YOUR fault.

[Okla-homey]

I suspect the same argument could be made about any profession that doesn't produce a tangible product.

That, and the fact that entrepreneurial class you're justifiably proud of often needs a vigorous legal defense when they make a boo-boo.

[RacerX]

[Vaevictis]

I suspect the same argument could be made about any profession that doesn't produce a tangible product.

There are services which definitely impact GDP positively -- commodity exchanges, for example.

That, and the fact that entrepreneurial class you're justifiably proud of often needs a vigorous legal defense when they make a boo-boo.

Well if ya'll and the damn politicians would stop making the law so damn convoluted^H^H^H^H^H^H^H^Hmplicated...

[Vaevictis]

Also, you're neglecting the fact that in order for us to need that vigorous legal defense, one of your peers has to be holding us up to begin with

[Okla-homey]

Also, you're neglecting the fact that in order for us to need that vigorous legal defense, one of your peers has to be holding us up to begin with

If my brethren were'nt standing like Myrmidons to correct such injustice and champion the rights of the working man, he would lie hopeless and bleeding in his hovel after suffering injury from defective products foisted by greedy corporations on the unsuspecting public. Moreover, his widows and orphans would have nowhere to turn for succor but to the state. Not so very long ago, that was precisely the norm in society.

[frankensooner]

Well if ya'll and the damn politicians would stop making the law so damn convoluted^H^H^H^H^H^H^H^Hmplicated...

The simple truth of the matter is that we need more lawyers writing the laws. The ignoramuses at the State Legislature for the most part aren't.

[47straight]

So I'm a net positive! Yay!