Answer to Question #128645 in Economics for sainudeen safar

Question

Professional organizations (e.g. South African Medical Association and the National Bar Council of South Africa) have been active advocates for regulation to restrict entry and the right of professionals to advertise. Describe what economic incentives might exist for incumbent professionals to have such regulations

Answer 1

For existing professionals, economic incentives are possible, such as

the conclusion of collective agreements for services;

formation of a system of discounts, or issuance of ski cards;

client reward system when a new client comes on a recommendation;

carrying out volunteer actions to popularize the services provided among new target audiences, etc.