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The Economics of Professional Ethics: Should the Professions be More Like Business?
Ist Teil von
The Economic journal (London), 1991-07, Vol.101 (407), p.737-750
Ort / Verlag
Cambridge: Basil Blackwell Ltd
Erscheinungsjahr
1991
Link zum Volltext
Quelle
PAIS Index
Beschreibungen/Notizen
The status of several of the professions has recently been affected by government proposals to try to make them more businesslike. This means making professionals in private practice behave more like businesspeople and making employed professionals behave more like other employees. The idea is to have more competition, more voice for the consumer, less autonomy for the professionals, and more scope for financial inducements. Some of the peculiarities of arrangements in the professions that serve to restrict competition there and differentiate them from business are examined. The program of making the professions more businesslike and replacing traditional arrangements by state-regulated competition is based on 2 elements: 1. an increase in competition, accompanied by detailed rules against cheating, and 2. a different view from that underlying the traditional option about professionals' objective functions, which are now being seen as more like those in business. The proposed system of regulation of competition is subject to high transaction costs.