Friday, July 22, 2011
Economics negative 101
Over on facebook, I ran across this comment on a post about the economics of legal education:
"Legal education in the U.S. could be tweaked, sure. But the biggest problems I see are the absurd increases in number of law schools, class size, and tuition."
The writer is not a "friend" and I do not otherwise know him. I am not picking on him but I think his thoughts may be similar to that of others. That worries me because it seems so off course.
As I understand it the current pressing issue is that law school grads cannot find jobs. So, they invest thousands and end up with a great deal of debt and little or no return on that investment.
The question is whether the problem is more law schools, larger classes, and higher tuition. Unless the law schools are actively misleading investors, what is the connection between any of these and really bad decision making? In my town, there must be 50 people who have invested in selling pizza. If one of them folds, will the reason be that pizza making equipment was too expensive, or readily available? Makes no sense.
I cannot help but wonder if the recent "blaming" trend is the result of finally graduating an age group composed in large part of people who were always over affirmed, could never make mistakes and, thus, cannot handle the criticism the market is offering about their decision making.