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Each year the Dragas Center for Economic Analysis and Policy at Old Dominion University releases a State of the Commonwealth Report that reviews the Virginia economy and contributes to discussions about the future outlook for Virginia residents. The report seeks to tackle foreseen difficulties head-on and provide information that can be used to inform policy decisions to improve economic situations for all stakeholders.
Bob McNab and James Koch will discuss the state of Virginia’s economy, examining how defense appropriations, inflation, and increased interest rates impacted the Commonwealth in 2022 and the prospects for 2023. They will also explore the supply of lawyers in Virginia and whether the Commonwealth is producing too many lawyers and what the future may hold for the legal profession in Virginia and the nation. Dr. McNab and Dr. Koch will provide context for these issues and how they will impact Virginia residents.
Chair of the Department of Economics and Director of the Dragas Center for Economic Analysis and Policy
Professor Robert M. McNab currently serves as the Chair of the Department of Economics and Director of the Dragas Center for Economic Analysis and Policy and in the Strome College of Business at Old Dominion University. He is a member of the Joint Advisory Board of Economists for the Commonwealth of Virginia, the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters and is an Associate Editor with the Journal of Economic Surveys. Professor McNab has published in Applied Economics, Cornell Hospitality Quarterly, Defense and Peace Economics, National Tax Journal, Public Budgeting and Finance, and World Development, among others. He edits the annual State of the Region: Hampton Roads and State of the Commonwealth reports Professor McNab has appeared in the Associated Press, China Global Television Network, CNN, Newsweek, Wall Street Journal, Washington Post, Yahoo News, Yahoo Finance, Richmond Times-Dispatch, Virginian Pilot, and Daily Press, among others. Dr. McNab joined the faculty of the Department of Economics in the Strome College of Business of Old Dominion University in July 2016 and previously was a member of the faculty of the Naval Postgraduate School in Monterey, California from 2000 to 2016.
Board of Visitors Professor of Economics Emeritus and President Emeritus at Old Dominion University
James V. Koch (“cook”) is Board of Visitors Professor of Economics Emeritus and President Emeritus at Old Dominion University. Prior to becoming the President of Old Dominion, he served as President of University of Montana. He was selected as one of the 100 most effective college presidents in the United States.
Dr. Koch is an economist. A portion of his recent published economic research has focused on college costs and affordability and the special roles that Historically Black Colleges and Universities occupy in American higher education. This work has appeared in books published by the Brookings Institution, the Johns Hopkins University Press, and the Columbia University Press.
But he is with us today because of his research concerning the incomes earned by America’s lawyers. In short, and in contrast to what many individuals believe to be the case, he shows that the real, price-adjusted median income of a lawyer in the United States has declined since 2000. But we will let him tell this story.