Law and Economics 2.0

Chicago has decided to beef up its law and economics faculty. My memory from graduate school was that there was not much of a shortage. There was a law and economics seminar in the law school, and the industrial organization seminar in economics was called the "economic and legal organization" seminar or something along those lines. I had a friend in my class, whom I have unfortunately lost touch with, who did both a J.D. and a Ph.D. One of my favorite memories from graduate school is of sitting in the law and economics seminar and watching Epstein and Posner pass notes back and forth and giggle.

But now there is to be an institute and more faculty and a formal joint program and that all sounds very good. Chicago Law has slipped in the rankings in recent years and this seems like a good way to build on existing strengths to try and climb back up the league table, particularly as my sense is that some of the reason for the slippage was a decision to be less unique (or, put differently, more like everyone else).

Impressively, according to the dean of the law school

The investment will come at no cost to students, Schill said. The school simultaneously plans to add three clinics while expanding its research mission. "We can walk and chew gum at the same time," he said.

Perhaps one of the first activities of the new Law and Economics Institute can be to teach the dean about opportunity costs.