Do Law Professionals Lack Economic Knowledge? Field Evidence from Greece

Joseph Hassid, George Maniatis and Michael Polemis ()

MPRA Paper from University Library of Munich, Germany

Abstract: The scope of this study is to investigate how legal professionals can benefit from a comprehensive understanding of economic principles and practices, thereby enriching their analytical and decision-making capabilities. For this reason, we use data from a field survey of Greek law professionals practicing mainly in commercial and civil law to conduct rank-ordered logit regression analysis. Our econometric findings signify the LAPET survey’s results regarding the lack of economics knowledge in several fields such as economics for business, the functioning of the markets, and competition economics. Furthermore, a gap between perceived usefulness and adequacy reveals a need for enhanced expertise in economics and business methods. Graduate studies in economics and business-related experience increase perceived competence in these areas, while self-employed practice is less beneficial. Our results underline the importance of further education and the role of business professional experience in enhancing lawyers' knowledge of economics and business methods.

Keywords: Law and economics; Survey; Interdisciplinarity; Economics Education; Rank-ordered logit (search for similar items in EconPapers)
JEL-codes: A12 A20 A23 C40 (search for similar items in EconPapers)
Date: 2024-10-30
New Economics Papers: this item is included in nep-law and nep-sog
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:122550

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