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Adam Smith on Occupational Licensing

Adam Smith warned that “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” Although Smith’s warning is often quoted, few people know that what Smith was talking about was occupational licensing. At the time […] The post Adam Smith on Occupational Licensing appeared first on Marginal REVOLUTION.
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