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Professionals: do they benefit the public or themselves?

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Keywords
  • Business And Management
  • Economics
Disciplines
  • Economics

Abstract

The number of people in professional occupations in the UK has been growing. Professional bodies claim their practices protect the public from the potential market exploitation, but academics (economists and sociologists in particular) question whether this is the case. The article considers how the use of economic concepts such as principal agent theory, human capital theory and cartels can help focus the debate.

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