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And, btw, if it happened in pharmacy, for example, I suspect it happened primarily because market forces caused it
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<p>Uh, exactly what sort of market forces would you be referring to? See below. </p>
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I doubt that pharmacists got together and said "let's make pharmacy a more prestigious field!"...
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<p>They didn't get together to decide to make the field 'more prestigious' per se, but they probably did decide to make the field 'more professional' (however you wish to interpret the term). This is akin to the founding of the ABA in 1878 to upgrade the professional standards of lawyers. It's not as if the law profession didn't exist in the US before the ABA was founded. Far from it - many of the most important people in early American history, including many Presidents of the United States, were lawyers. The ABA was formed to professionalize the practice of law. Over time, the ABA was able to enact the upgrading of higher educational standards. But certainly I can see no market reason for the ABA to have been formed. The ABA was created to serve primarily political and social goals, not really to serve economic goals. </p>
<p><a href="http://www.abanet.org/about/history.html%5B/url%5D">http://www.abanet.org/about/history.html</a></p>
<p>The same could be said for all professional societies. I can think of few professional societies that were formed strictly because of market pressure. </p>
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Hmmm... I wonder how many engineers are employed in America? It seems like if the opportunity cost of going into engineering increases (more time in college, more debt, etc.) the number of people doing so should decrease... so if there's a surplus of workforce, by all means, let's balance it out a bit. But what would the point of arbitrarily changing the standard be? It's not a good idea, and I have faith that our system doesn't do stupid things...
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<p>I would argue that the point of changing the standard in engineering would be the same point in changing the standard for law, medicine, pharmacy, and architecture. Why did those professions change? </p>
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If it isn't broke, don't fix it, right?
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<p>Well, that begs the question of why pharmacy and architecture are changing right now. Is there evidence that those 2 professions were 'broke'? If not, then why are they being 'fixed'? Nevertheless, whether we like it or not, they are being 'fixed'. </p>
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Does industry complain about low-quality engineers? Do they complain about having too many fully qualified engineers?
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<p>Regarding your latter question, why would the industry ever complain about having too many fully qualified engineers? Industry *loves * having too many fully qualified people of any kind, as it just means that they can pay those people less. After all, economics would dictate that a large supply would result in lower prices. </p>
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But if professional societies and academics are simply extending their fantasies to the free market, things might turn out worse than one may suspect.
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<p>The major structural problem with economics is that the discipline presumes that markets are always, or at least usually perfectly free and competitive. In fact, the notion of a perfectly free and competitive market is basically a theoretical construct that has never been completely realized in reality. In particular, every market is characterized with information inefficiencies. As Nobel laureate Joseph Stiglitz once said: "whenever information is imperfect - that is, always - markets are inefficient..." </p>
<p>The truth of the matter is that labor markets, even more so than most markets, are riven with information imperfections, and in particular with asymmetric information. Employer have great difficulty in assessing the quality/productivity of a particular employee before he is hired. Such a problem is even more acute when you're talking about "professional service" jobs like law, medicine, pharmacy, architecture, and (probably) engineering where it is difficult to determine quality even after having hired the employee and seen the work produced. At least with a factory worker, you can measure how many widgets he produces and hence deduce his productivity (although even that is fraught with difficulty, because perhaps he is producing a lot by wearing out his machine and tools). Is there any metric that would let you determine who are the "good" doctors? Or the "good" engineers? Not really. Engineering services, like physician's services or attorney's services, are difficult to assess. </p>
<p>That illustrates the inherent problem of information issues in labor markets, particularly in the professional services ranks. You don't really know what you're buying. Perfectly free markets require perfect information - that you know exactly what you are buying all the time, with zero uncertainty. Yet markets never have perfect information, and labor markets in particular, are riven with information imperfections.</p>