December 04, 2008
WSJ Letter

Nope, not me. Not Boudreaux either. This is one mighty fine letter in today's WSJ:

In the article "A Bachelor's in Borrowing" (Personal Journal, Nov. 25), Elina Agnoli, a recent law-school graduate, says: "People have this notion of law-school graduates getting $150,000 right off the bat. But that's not the reality for the law grad in 2008. I've got friends waitressing with J.D.s . There's something wrong with that scenario."

Someone should inform the lamentable Ms. Agnoli that, despite her attempts to cloak herself in the victim's mantle, there is absolutely nothing wrong with that scenario. Even granting that America has, arguably, the strongest rule of law in the world, we still have far too many attorneys, concerned with far too much rent-seeking. By any measure -- per capita, per dollar of gross domestic product, per square foot -- we have more lawyers than any country in the world, so we may not pay any additional, freshly minted ones a very good wage. Had the feckless Ms. Agnoli gotten a degree in economics, she would understand that concept.

Sgt. Peter Cook
Forward Operating Base Falcon
Iraq

Sgt. Cook--on the off chance you see this post, stay safe and thanks for your service.

Posted by E. Frank Stephenson at 12:03 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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