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December 1977 (Volume 55)
Quarterly Article
Erwin A. Blackstone
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Any system of allocation of services works more efficiently in the consumer’s interest when there is competition among suppliers of the service. But this same competition reduces income and options of sellers. Professionals-as-sellers are likely to resist competition by restricting entry into their ranks and the range of qualities to be offered. An informed consumer should be allowed to exercise discretion in choosing among qualities and substitutions. Future policy might well incorporate less reliance on regulation and more on removing barriers to free market factors.
Author(s): Erwin A. Blackstone
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Volume 55, Issue 4 (pages 485–494) Published in 1977
