The Economics of Professional Ethics: Should the Professions Be More Like Business?
Recent government policy has favored making the professions more like business. On this policy, "cheating" (exploitation of asymmetric information or neglect of externalities) is prevented by regulation; drawbacks include high transaction costs of regulation, and consequent dangers of ineffectiveness and adverse selection. This paper considers a possible rationalization of traditional competition-reducing arrangements in the professions, viewed as an alternative policy. These arrangements prohibit practices that offer a temptation to cheating, even at the cost of restricting competition. They rely on the prevalence of a distinctive professional morality in order to prevent restriction of competition from leading to monopolistic exploitation. Copyright 1991 by Royal Economic Society.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 101 (1991)
Issue (Month): 407 (July)
|Contact details of provider:|| Postal: 2 Dean Trench Street, Westminster, SW1P 3HE|
Phone: +44 20 3137 6301
Web page: http://www.res.org.uk/
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishers.co.uk/asp/journal.asp?ref=0013-0133|