What is Occupational Protectionism?
Question:
Answers:
Members of a profession form a conspiracy to restrict the number of new members entering the profession. This can be done by licensing, educational requirements, blah, blah, blah. There are all kinds of ways of creating barriers to entry, but they all involve using the coercive power of the government to regulate the economy.
One example is the AMA, which has successfully limited the number of doctors, so the the supply is smaller than demand. People have to pay more.
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