Forgot your password?  

Capitalism and Freedom Chapter Summary & Analysis - Chapter 9, Occupational Licensure Summary

This Study Guide consists of approximately 37 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of Capitalism and Freedom.
This section contains 790 words
(approx. 3 pages at 300 words per page)
Purchase our Capitalism and Freedom Study Guide

Chapter 9, Occupational Licensure Summary and Analysis

Freedom of occupation has been a key factor in the dramatic increase in wealth and freedom in the 19th and 20th centuries, but we have engaged in a regression by letting the state issue occupational licenses. In this chapter Friedman argues against licensure in general and medical licensure in particular, in part to show that liberal principles can have seemingly radical conclusions.

Licenses are simply restrictions on who may hire who. Guilds and castes are related systems. In fact, all restrictions on trade are restrictions on the arrangements some came make on others. Today occupational licensure is spread across the economy and the arguments for control of labor supply are typically given by those who benefit from the licenses.

In fact, licensed practitioners benefit from licensure because they are able to raise their wages by reducing the supply of those who...

(read more from the Chapter 9, Occupational Licensure Summary)

This section contains 790 words
(approx. 3 pages at 300 words per page)
Purchase our Capitalism and Freedom Study Guide
Copyrights
Capitalism and Freedom from BookRags and Gale's For Students Series. ©2005-2006 Thomson Gale, a part of the Thomson Corporation. All rights reserved.
Follow Us on Facebook