supply and demand determines what goods a free enterprise economy produces.
supply and demand determines what goods a free enterprise economy produces.
who determines what goods a free enterprise economy produces?
supply and demand
restricting entry by licensing is arguably a convenient and effective method of maintaining the high standards, high status and elite privileges of a profession as well as acting to eliminate competition from those who provide a cheaper but (allegedly) sub-standard service. organizations such as the american medical association were explicitly set up to restrict the number of practitioners. however, libertarians like milton friedman have argued that this process is counterproductive as it seriously restricts the number of active professionals working in society and thus unnecessarily inhibits the working of a free enterprise economy. a 2011 u.s. study estimated that occupational licenses result in 2.8 million fewer jobs, and cost the economy $203 billion per year. the number of jobs requiring a professional licensed represents an increasing fraction of the workforce, from 5% in 1950 to 22% in 2010s. critics say that low-income consumers, who pay higher prices than required for the level of quality they might require, and low-income job seekers, are disproportionately affected.
licensure
section::::publications.









































bullet::::- (1949) “social accounting for moneyflows.” "the accounting review" 24(3): 254–264.









































bullet::::- (1952) "a study in moneyflows in the united states'’, national bureau of economic research/ arno press 









































bullet::::- (1958) "fact and theory in economics: the testimony of an institutionalist’’, university of michigan/cornell university press









































bullet::::- (1961) “trends in government financing.” national bureau of economic research









































bullet::::- (1964) "our free enterprise economy". collier macmillan









































bullet::::- (1966) "toward full employment in our free enterprise economy". university of michigan/fordham university press









































bullet::::- (1981) "essays in socioeconomic evolution". vantage press









































section::::see also.









































bullet::::- history of macroeconomic thought
morris copeland