Acknowledgments -- Preface -- 1. Introduction And Overview -- Licensing : A Historical Perspective -- Social Benefits Of Licensing -- Quality And Demand Effects Of Occupational Regulation -- Licensing Occupations And Labor Supply -- Are There Licensing Wage And Price Premiums? -- Comparing Unions And Licensing -- Focus Of The Book -- 2. Development Of Occupational Licensing As A Labor Market Institution -- Development Of Occupational Regulation -- Quality First, Then Restrictions On Competition? -- Legal Basis Of State Occupational Licensing -- How Licensing Works : A Case Study Of Minnesota -- Goals And Effort Of Regulatory Boards -- How Do Occupations Become Licensed? -- Licensing And Quality Of Services In Minnesota And Wisconsin -- Summary And Conclusions -- 3. Quality And Demand For Occupational Licensing -- Why Are Occupations Regulated? -- How Licensing Affects Quality -- Results Of Studies On The Benefits Of Occupational Regulation -- Quality Effects As Measured Through Insurance Premiums -- Estimates Of The Price Impacts -- Summary And Conclusions. 4. Licensing, Labor Supply, And Earnings -- Theoretical Background -- License To Drill : Differences In Earnings Of Dentists And Physicians -- Studies On The Impact Of Licensing -- Earnings Of Licensed Versus Unlicensed Occupations -- Partial State Regulation Of Occupations -- Small Differences In Licensing Rules That May Matter -- Conclusions -- 5. State Regulatory Policies And The Economy-wide Impacts Of Licensing -- State Data On The Number Of Licensed Occupations And The Number Of Workers -- Workforce Coverage Of Licensed Occupations By State -- Trends In The Regulation Of Licensed Occupations -- Licensing And Economic Losses To Society -- Conclusions -- 6. Comparing Licensing In The United States And The European Union -- Occupational Regulation In The Eu -- Governmental Limitations On Regulated Occupations In The Eu -- Estimates Of The Impact Of Licensing On Earnings, By Country -- Impact Of Licensing On Earnings In The Uk, France, And Germany -- Implications For Occupational Regulation -- 7. The Emerging Labor Market Institution Of Occupational Licensing -- Emergence Of Occupational Licensing -- The Benefits And Costs Of Standardization -- Employment Growth Of The Same Occupations In Regulated And Unregulated States -- Major Findings -- Public Policy Implications. Appendix A : Criteria For Regulating Occupations For Legislators And A Questionnaire For Occupations Seeking Regulation In Minnesota -- Appendix B : Data Sources -- Appendix C : Occupations Analyzed In The United States Using Multivariate Techniques -- References -- The Author -- Index -- About The Institute. Morris M. Kleiner. Includes Bibliographical References (p. 169-180) And Index. Annotation Dentists, Doctors, Lawyers, Fortune Tellers and Frog Farmers are now licensed occupations in either all or some U.S. states. The reasons given for the growth and benefits of this form of regulation usually states that existence of licenses may minimize consumer uncertainty over the quality of the licensed service and increase the overall demand for the service. Regulations that require a practitioner to be trained at a minimum level recognize a form of regulation which may produce positive social payoffs. Consumers often value the reduction in downside risk more than they value the benefits of a positive outcome. This preference by consumers of the status quo or reducing risk of a highly negative outcome has been called "loss aversion."
