Routledge Dictionary of Economics, Second Edition
An occupation requiring a considerable period of education and training. The original professions were in medicine, the law, the church, the army and the universities.
In the nineteenth century many occupations acquired the status of a profession by the founding of institutes to arrange examinations, certify competence and regulate behaviour. After 1900 in many countries the expansion of universities increased the supply of entrants to professions and eroded their pay differential with other occupations reducing the private rate of return to HUMAN CAPITAL. Also professional pay has lagged behind other salaries as much professional employment is in the public sector.
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