In Praise of Market Imperfections
You would expect to go out of business if you hired people without knowing if they could do the job. And, the same would be true if you had no reliable way of measuring if they actually were doing the job once they were hired. Law Schools do both of these. They would prefer to hire second tier students from elite law schools rather than top students form non elite schools. Yet, the empirical evidence I know of shows that the scholarly production of the non elites once hired is no lower than that of the elites. In fact, since law reviews use credentials as a basis for article selection, non elites may be actually outperforming elites. Do we have any reliable way to evaluate what the new hires do? Give me a break. We have faculty classroom visits announced ahead of time that result in evaluations that could have been written ahead of time – all positive given the propensity of law professors to shirk from institutional responsibilites. And we have student evaluations that largely reflect expected grades. On scholarship, we send the articles to a list of reviewers influenced by the candidate or just the regular suppliers of positive letters. Be grateful for market imperfections!