We reported last month on the move of Viscusi and Hersch to Vanderbilt, and now Vanderbilt's official announcement reports that the school is establishing a PhD program in "law and economics." There already exist many schools, of course, where one can get a JD and a PhD in economics (Harvard, Stanford, and Chicago have probably produced the most academics with this background), but I take it the idea here is that the PhD studies will focus on "law and economics," and that this can be done in conjunction with a law degree.
I'm curious to hear what those more knowledgeable about economics, and economic analysis of law, think: does the world need a PhD program in "law and economics"? Does such a program make sense, as distinct from pursuing a JD and a PhD in economics? Please remember that comments may take awhile to appear.