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Part 4: Virginia's Lawyers Confront Tougher Times, Dragas Center For Economic Analysis And Policy, Old Dominion University
Part 4: Virginia's Lawyers Confront Tougher Times, Dragas Center For Economic Analysis And Policy, Old Dominion University
State of the Commonwealth Reports
While movies and television shows portray lawyers as members of high society, with expensive cars and tastes, the reality is grittier. In 2021, more than 90% of law students took out a loan to enable them to pay their costs, and the typical law school graduate owed $165,000 in loans. The crucial point of this report, however, is that significant proportions of law school graduates are destined to be disappointed if they pursue a career in law believing they will earn lots of money. In this chapter, we explore the supply of lawyers in Virginia and whether we are producing …
Fixed Costs And The Division Of Labor, Haiwen Zhou
Fixed Costs And The Division Of Labor, Haiwen Zhou
Economics Faculty Publications
How market size and the level of coordination costs determine the degree of specialization is studied in an infinite horizon model with the amount of capital determined endogenously. Firms producing the same intermediate good engage in oligopolistic competition and choose the degree of specialization of their technologies to maximize profits. A more specialized technology is a technology with a lower marginal cost, but a higher fixed cost. Interestingly, the relationship between the level of coordination costs and a firm’s degree of specialization is ambiguous. A firm in a country with a larger market size, more patient citizens, or a higher …