William Easterly, an ex-World Bank economist and widely respected growth theorist, in recently noting that skilled individuals may elect to pursue occupations that redistribute income rather than enhance growth, referred to 'the somewhat whimsical piece of evidence . . . that economies with lots...

This paper studies the life cycle career choices of law school graduates using unique data from the University of Michigan Law School. The model assumes that these graduates act according to the optimal solution of a dynamic optimization problem in which they sequentially choose among five...