Using the LSAT as a Labor Market Thermometer for Lawyers

We rely upon a 50-state, 20-year panel to find that the number of Law School Admissions Test (LSAT) takers is only loosely related to economic conditions—although slightly more for men than for women, who in 2020 accounted for 58% of all LSAT takers. The number of test takers rose more than 35% between 2014 and 2020. This wave accentuated an already existing downtrend in the median real income of lawyers, and thus provides support for the hypothesis that most states have more lawyers than they need

Why Has the Median Real Income of Lawyers Been Declining?

The median real incomes of lawyers have been declining. In 2001, the median real income of lawyers in the 50 states plus the District of Columbia was $129,389 (July 2020 prices). Almost two decades later, in 2020, this number had fallen to$126,930, 1.90% less than in 2001. By contrast, the median real income of workers in all occupations together rose 3.93% between 2001 and 2020, while the median real income of the average family practice physician rose 20.15% and the median real income of a typical economist rose 10.9%. We examine both supply and demand influences to explain the declining median real incomes of lawyers. An oversupply of lawyers provides only a partial explanation. The number of lawyers per 1,000 people nationally did nudge upward from 1.72 in 2001 to 2.22 in 2020, but the number of first year law students nationally in 2020 was 6.6% smaller than in 2001. Supply side adjustments to new market conditions take years to occur and hence we observe some cobweb-like oscillations in lawyers’ incomes. Demand side influences on lawyers’ incomes loom large. Between 2008 and 2019, lawyers’ income share of the national gross domestic product fell from 1.64% to 1.32% because clients purchased lawyers’ services less often

The Drug Overdose Epidemic Seen through Different Lenses

The age-adjusted death rate from drug overdoses in the United States per 100,000 individuals rose from 6.8 in 2010 to 17.1 in 2018. The most common explanation offered is the deaths of despair hypothesis. We identify additional factors that have contributed to the rise in drug overdose deaths in cities and counties. Methods: We utilize a period fixed effects model with a multi-variate panel data set for 94 independent cities and counties in Virginia for the period 2008 through 2017. Results: The drug overdose mortality rate is: (a) an increasing function (prob

Drug-Overdose Death Rates: The Economic Misery Explanation and Its Alternatives

‘Deaths of despair’ is the most commonly cited explanation for the 151% increase in drug-overdose deaths that occurred in the USA between 2010 and 2018. We use panel data describing 84 Virginia cities and counties to assess the validity of the deaths of despair hypothesis and alternate explanations that focus on disability rates, travel time to work, urban vs. rural location, educational attainment, racial and ethnic characteristics, the influence of other health conditions such as obesity, and supply-side factors that include pill availability and pharmacy market shares. We find deaths of despair to be only a partial explanation for the upsurge in drug-overdose deaths and conclude that a much broader view of the causes of drug-overdose deaths is merited

2016 State of the Commonwealth Report

This is the second State of the Commonwealth Report produced by the Center for Economic Analysis and Policy at Old Dominion University. It is jointly sponsored by ODU\u27s Strome College of Business and the Virginia Chamber of Commerce. While the report represents the work of many people connected in various ways to the university, it does not constitute an official viewpoint of Old Dominion, or it\u27s president, John R. Broderick. Similarly, it does not represent the views of the Virginia Chamber of Commerce or it\u27s president, Barry DuVal. The report maintains the goal of stimulating thought and discussion that ultimately will make Virginia an even better place to live, work, and do business. We are proud of the Commonwealth\u27s many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about where we are and a sound understanding of the policy options open to us.https://digitalcommons.odu.edu/economics_books/1019/thumbnail.jp

2017 State of the Commonwealth Report

This is the third State of the Commonwealth Report produced by the Center for Economic Analysis and Policy at Old Dominion University. The report is sponsored, in part, by ODU\u27s Strome College of Business. While the report represents the work of many people connected in various ways to the university, it does not constitute an official viewpoint of Old Dominion, its president, John R. Broderick, or the Board of Visitors. This report maintains the goal of stimulating thought and discussion that ultimately will make the Commonwealth of Virginia an even better place to live, work, and do business. We are proud of Virginia\u27s many successes, but realize it is possible to improve our performance. To do so, we must have accurate and objective information about where we are and a sound understanding of the policy options open to us

2015 State of the Commonwealth Report

This is the first State of the Commonwealth Report. It is jointly sponsored by the Strome College of Business at Old Dominion University and the Virginia Chamber Foundation. While the report represents the work of many people connected in various ways to the university, it does not constitute an official viewpoint of Old Dominion or it\u27s president, John R. Broderick. Similarly, it does not represent the views of the Virginia Chamber of Commerce or it\u27s president and CEO, Barry DuVal. The goal of the report is to stimulate thought and discussion that ultimately will make Virginia an even better place to live, work, and do business. We are proud of the Commonwealth\u27s many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about where we are and a sound understanding of the policy options open to us.https://digitalcommons.odu.edu/economics_books/1020/thumbnail.jp

The State of the Region: Hampton Roads 2017

This is Old Dominion University\u27s 18th annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or its president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our regions many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about where we are and a sound understanding of the policy options open to us.https://digitalcommons.odu.edu/economics_books/1021/thumbnail.jp

The State of the Region: Hampton Roads 2015

This is Old Dominion University\u27s 16th annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion or it\u27s president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region\u27s many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about where we are and a sound understanding of the policy options open to us.https://digitalcommons.odu.edu/economics_books/1003/thumbnail.jp

In-situ estimation of ice crystal properties at the South Pole using LED calibration data from the IceCube Neutrino Observatory

The IceCube Neutrino Observatory instruments about 1 km3 of deep, glacial ice at the geographic South Pole using 5160 photomultipliers to detect Cherenkov light emitted by charged relativistic particles. A unexpected light propagation effect observed by the experiment is an anisotropic attenuation, which is aligned with the local flow direction of the ice. Birefringent light propagation has been examined as a possible explanation for this effect. The predictions of a first-principles birefringence model developed for this purpose, in particular curved light trajectories resulting from asymmetric diffusion, provide a qualitatively good match to the main features of the data. This in turn allows us to deduce ice crystal properties. Since the wavelength of the detected light is short compared to the crystal size, these crystal properties do not only include the crystal orientation fabric, but also the average crystal size and shape, as a function of depth. By adding small empirical corrections to this first-principles model, a quantitatively accurate description of the optical properties of the IceCube glacial ice is obtained. In this paper, we present the experimental signature of ice optical anisotropy observed in IceCube LED calibration data, the theory and parametrization of the birefringence effect, the fitting procedures of these parameterizations to experimental data as well as the inferred crystal properties.</p