Episode 225 - The Real Monopolies: Occupational Licensure

Customers are best served and protected when they have many competitive alternatives. We don't like self-serving monopolies. Of course, as sellers we all want to be monopolies, with little competition, ability to charge high prices, bar entry to competitors, and not have to perform the difficult job of constant innovation where value is determined by customers, not industry standards, credentialism, or ineffective regulations. Heavily regulated industries aren't hot beds of innovation. The history of growth is the story of crackpots, cranks, and outsiders innovating new products that replace the existing infrastructure of industries. There are many routes to knowledge. Thomas Edison had little formal education and could not have been licensed as an engineer under today's guidelines. Likewise, Frank Lloyd Wright and Mies van der Rohe would not qualify to sit for the architect's certifying exam. Join Ed and Ron as the discuss the deleterious consequences of occupational licensure laws.