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The new Vanderbilt Ph.d. in law and economics
W. Kip Viscusi and Joni Hersch, law and economics scholars at Harvard Law School, will join the Vanderbilt University faculty later this year as the law school launches the first program of its kind – a Ph.D. in law and economics.
By successfully recruiting two of the nation’s premier scholars in law and applied economics, Vanderbilt Law School has embarked on the next generation of law and economics education: a combination of professional and academic degrees that will train scholars not only for academic positions, but also for legal practice, policy-making and public interest work.
Here is the story, and comments are open for those who know more about this. Thanks to David Bernstein for the pointer; also read the comments on his post.
Posted by Tyler Cowen on January 25, 2006 at 11:06 AM in Economics, Education, Law | Permalink
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Comments
I'm not sure that it would be better to earn a degree combining law and economics, rather than complete a law degree and a PhD in economics separately. Will lawyers be skeptical of the legal credentials of "law and economics" degree holders, and economists skeptical of the economics credentials? Perhaps in this case the big name faculty may offset such skepticism.
Posted by: Brian at Jan 25, 2006 11:24:34 AM
This bogus degree sounds like a huge waste of time and money for the people obatining it.
Posted by: Half Sigma at Jan 25, 2006 12:17:41 PM
Law school's popularity is in part due to its lack of any significant mathematics or science. Indeed, it's been described as a natural extension of liberal arts college. I suspect that most mathphobic law students will steer far, far clear of economics.
Posted by: Peter at Jan 25, 2006 1:27:49 PM
In each year there are between one and three grad students at Harvard pursuing both a JD from the law school and a PhD in economics. Sasha Volokh, Eugene's little brother, did so. You can read more about it here:
http://www.gsas.harvard.edu/programs/jdphd.html
Posted by: Commenterlein at Jan 25, 2006 2:06:17 PM
"Law school's popularity is in part due to..."
No, law school is popular because people have the false belief that it's a ticket to an upper middle class lifestyle.
Although I suppose that a lot of people see it as cooler than nerdy computer programming, although computer programming pays more.
Posted by: Half Sigma at Jan 25, 2006 5:49:55 PM
Is law school really a false ticket though? I know that the value of a law degree is more dependent on where it's from than, say, an M.D., but surely from a school like Vanderbilt...
I certainly don't know many (competent) lawyers who _don't_ live upper-middle class lifestyles.
Posted by: Lee at Jan 25, 2006 11:21:27 PM
A law degree from Vabderbilt indeed will be marketable, but the same is not true for degrees from many other law schools.
Posted by: Peter at Jan 25, 2006 11:51:20 PM
Law students are not "Mathophobic." I am a student who aspires for a career in law someday, and I know for a fact that Economics and Engineering are quickly becoming two of the most popular "Pre-Law" majors for an undergraduate. This is due to the fact that they cultivate superior mental faculties compared to something like politics. And if these students are mathophobic, and can do well enough in these highly quantitative fields to earn admissions into law programs, and top ones at that, then they must be fooling a lot of people along the way.
Posted by: John at Jan 26, 2006 12:17:58 AM
It sounds interesting. I wonder if they take drop-outs.
Posted by: Chris Wage at Jan 26, 2006 12:52:10 AM
There is no question that many law school grads are mathophobic. For the ones who are not and who are interested in politics it sounds like a great program. In my book any politician who is half lawyer and half economist is better than a politician who is 100% lawyer.
Posted by: Kirby at Jan 26, 2006 6:31:32 PM
I think this combination is the best because a good lawyer must be a specialist in economics as well. if these two disciplines are separated in time than the one that was taught earlier will be forgoten.
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