Another form of economic regulations.
(1)There is an enormous bias towards incumbents. (现任) Escalating qualification standards in the licensed occupation almost invariably exempt existing practitioners, who thereby reap increased earnings from the contrived scarcity, without having to pay the costs they impose on new entrants in the form of longer schooling, tougher qualifying exams, or more extended apprenticeship.
(2)Price of services rises.
Historically the impetus for such licensing comes from practitioners rather than the public, and it almost invariably reduces the quantity of new practitioners thorough various restrictive devices and net result is higher prices.
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