“OVERLAWYERED” is the name of a widely read blog on America’s legal system, and many Americans feel that way. Yet three economists think the country is actually plagued by too few lawyers, not too many. Clifford Winston and Robert Crandall of the Brookings Institution, a think-tank, and Vikram Maheshri of the University of Houston, published a book last month arguing that barriers to entry have kept the number of lawyers artificially low for decades. This—combined with an economy over-regulated by lawyers who go on to politics—results in an unearned premium on legal wages.
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