...is something I'd like to get into after getting into the health job market.
Tyler Cowen has a post here.
The legal profession is a little funny. It seems reasonable to say that it's glutted from everything I can tell. I haven't looked at the data closely, so I don't know what salary trends are. It's still extremely well paid but that can be a misleading guide to things depending on what supply looks like, and because it's so cartelized. But even with the cartelization one odd thing is the god-awful hours they keep. How does this fit in with the glut story?
I imagine it's something like the extensive hours for scientists - something having to do with asset specificity. Lawyers are not interchangable when it comes to clients (or are they?), they have specific knowledge so they can't respond to by reducing their hours as easily.
I am not entirely satisfied by that. It seems unlikely that people are working sixty, seventy plus hours a week on a single client after all. But maybe people with legal experience can chime in.
The other weird thing about lawyers is that while they do produce output they also produce demand for more lawyers (doctors are sort of the same way). That seems have multiple equilibria potential but it also makes it more difficult to think about gluts.
Turning a probability vector into a state
1 hour ago