Licensing And Laissez Faire Case Study

“Licensing and Laissez Faire” a case that talks about the pros and cons about the regulations that there are in many professions for a person to practice today. It is shown that many professions have too many requirements, which causes many people to abandon the desire to pursuit these careers. Milton Friedman, was a Nobel Prize-winning economist at the University of Chicago that criticize licensure due to the lack of freedom that it gave people. Friedman had a different point of view when it came to this topic. The example that is use in this case is the medical care profession. In the case we can see that medical profession was something not was not paid to the standards that it should have been. In fact, an accountant made more money than …show more content…
A person that believes in the libertarian theory would go against the believe that people need to be licensed to practice a profession, like it is state in the case of “Licensing and Laissez Faire”. This theory believes that people should be able to make their own decisions on how to do thing and where to get it if it doesn’t involve any fraudulent situation. The concept of capitalism is base on profit and market exchange where the major means of production are owned by individuals. This would be seen as the same believes that libertarians have. This is because capitalist economy is base on individuals making there own profit without the government interfering. Even though this is the concept of capitalism the government has been getting there hands so involve in everything that companies do now a days, that they are making regulations and laws to controls everything that happens with the companies and professions. The perfect example it’s presented in the case 4.2 on the book “ Moral Issues in Business” by William H. Shaw. Here we see that there is a controversy on whether or not a person should be required to have a certificate or a license to practice a profession or job. This is something that a libertarian person would disagree with. This is because if a person believe that they could do something and others want to be seen o treated with this …show more content…
In other words we should always do what is best for everyone that is around us and that is affected by this decision even if is not the right moral one. This, in some ways refer to the believes that Capitalism have which is to the right of property and to do the best to get you can to get profit. Also we can see that Capitalism is using the case 4.2 on the book “Moral Issues in Business” to show that the government is using regulations and requirements to control how people do things. The fact that the government is trying to control the professions and the quantity that there is in every profession shows that talks about the controversy that there is when it comes to all the regulations on the professions. This case shows us that it is important to have this regulations for certain professions. This is due to the fact that for a person to be treated by someone that doesn’t know what they are doing is a lot risky because they may end up killing this person by giving the wrong treatment. As this case shows the regulations that are being place now days are to restrict people from practicing a profession or even to make others to not want to go into this field. In the case it is state, “ The first is to reduce the number of medical students by closing some medical school; the second is to make it more difficult for foreign doctors to