This paper considers the implications of the major changes in the labour market for lawyers over the past twenty years in the private rate of return to investment in a law degree. Other things being equal, it might be expected that the large increases in supply of law graduates might have reduced the rate of return to the degree. The paper reports estimates based on Census data for 1986, 1991, 1996 and 2001 which show that the private rate of return to the degree did not fall between 1986 and 2001. The result can be explained by the large increase in demand that seems to have accompanied the growth in supply.
|Number of pages||17|
|Publication status||Published - 2003|
|Event||32nd Conference of Economists 2003 - Canberra, Australia|
Duration: 29 Sep 2003 → 1 Oct 2003
|Conference||32nd Conference of Economists 2003|
|Period||29/09/03 → 1/10/03|