by Donald J. Boudreaux
The American Institute for Economic Research
Although I enjoyed the study of economics much more than I enjoyed the study of law, I’ve always been happy with my decision to earn a law degree on top of my degree in economics. By exposing me to real-world details that I’d otherwise have missed, studying law greatly improved my ability to evaluate economic processes and policies.
Some economists, somehow, grasp these crucial details without having studied law formally. These impressive scholars include Armen Alchian, Terry Anderson, Ronald Coase, Harold Demsetz, Thomas Sowell, and Bruce Yandle. But far too many economists miss these details. The result is often policy analysis that’s mistaken, and policy advice that’s unrealistic and counterproductive.