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Ladies and gentlemen,
Let me first say how happy I am to be able to address the American Bar Association here in London. However, in front of an audience full of lawyers, I feel that, in the interests of transparency I must first disclose that I was trained as an economist and early on in my career, like many other young economists, I underestimated the importance of the law. My views as a junior economist were that utility maximising individuals would find ways to cope with legal requirements, and that the shape and performance of markets were mainly driven by economic forces.
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