Quotation of the Day…

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… is from page 93 of Arnold Kling’s superb 2006 book, Crisis of Abundance:

Another possible source of inefficiency comes from government licensing restrictions and related regulations. If there is a shortage of, say, physical therapists, it is difficult for the market to remedy the shortage because of the many hurdles to obtaining a license. Professional regulation in medical care appears to be carried out in the interests of suppliers who wish to restrict competition. Consumer-oriented regulation instead would rely more on disclosure and less on restricting people’s choices.