Law school applications are declining sharply according to the New York Times, which is reporting a projected 38 percent decline from 2010 application levels.
When they failed to find jobs, law graduates took to the internet in droves to spread the word about their predicament, and finally the American Bar Association demanded more employment information from law schools. Before that, schools could count a graduate working part-time as a janitor as “employed,” and could thus report a 91 percent employment rate for their law school graduates.
No longer. The ABA now demands information regarding the type of employment; full-time or part-time, practicing law or not, law-related or not, and the numbers are terrible.
In response, law schools have shown about as much sympathy as one …
In 1920, as socialist parties held power in Germany, Austria, Hungary, and Russia, it appeared that the world following World War I would be a world built by socialist planning. Ludwig von Mises, the Austrian economist, thought that a socialist world simply wouldn’t do, and put pen to paper to explain why. The result was Mises’ first published article, “Economic Calculation in the Socialist Commonwealth.”
Mises’ premise was really quite simple; in a socialist economy, things that are used to produce other things are controlled by the state, which means that investment in production goods no longer involves price comparisons. In a socialist system, the planners decide that more tractors should be built, and order factories to build them.
Socialist administrators can …