The objective in this paper is to survey the literature in transportation economics, exploring two basic themes; first, the conceptual developments in the analysis of supply and demand, which recognizes noteworthy aggregation biases in the empirical work on aggregate data and indicate that a correct analysis of the issues should take place at a highly disaggregated level; second, the use of these conceptual developments to evaluate efficiency aspects of transportation pricing, investment, and the impact of government regulation on resource allocation and distribution in the transportation sector. It is important to acknowledge that the survey is based on research throughout the world but our institutional perspective and, to some extent, the topics that are covered is based largely on the U.S. experience. (Author)

States' requirements that lawyers obtain a license to practice law, as well as American Bar Association (ABA) regulations of legal practice, constitute barriers to entry to the legal profession. In this paper, we argue that eliminating entry barriers in legal services would generate benefits that are similar to those resulting from deregulating U.S. network industries (i.e., transportation, communications, and energy.) Specifically, prices would fall as competition from incumbent firms and new entrants intensifies; in the long run, competitive forces and operating freedom would incentivize firms to produce innovations that significantly benefit consumers and the broader economy.