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Some Virginia Republicans Have a Moral Hazard Problem | The DC Dispatches | Law, Policy, and Politics
This post has nothing to do with religious morals. Sorry to disappoint. It is about a much more exciting issue, law and economics. I studied law at one of the few law schools in the country, and the only one in the metropolitan Washington, DC area, that places a heavy emphasis on the study of law and economics. If you factor in conservative as well, George Mason, no matter what the ranking says, is one of the best in country. Many law schools these days offer law and economics courses. At Mason, at least when I went, that was the program. Economic concepts are explained to budding lawyers with little, if any, formal economic theory background. Rather than focus on what is "right," there is an emphasis efficient outcomes dictated by the free market. Many students were frustrated by the economics. Pareto superior moves? Waste? Moral hazard? Externalities? Diminishing marginal ... what? Hold on a minute. I signed up for an J.D., not an MBA! Some understood it. Others were not buying. But