Traditional sociological reasoning on professions -- eg, E. Greenwood's "attribute" theory ("Attributes of a Profession," Social Work, 1957, 2, 44-55) & B. Barber's "functionalist" theory (see SA 13:3-4/65B6199) -- is considered inadequate. Applying microeconomic price theory, an attempt is made to outline a market theory of professions tested mainly on the basis of historical evidence concerning GB. The rise of professional associations, providing divisible collective goods, can be adequately interpreted by combining a revised economic theory of collective action & the theory of political entrepreneurship. Once in existence, these bodies strive for market control & government regulations. Market control implies: (1) strict delimitation of markets for separate professional services, either by government regulations creating collective property rights, or by actions of qualifying professional associations developing submarkets for competing services by means of product differentiation; & (2) development of a professional market order characterized by limited freedom of price fixing & strict prohibition of competitive behavior. Ordered competition between & within professional associations substitutes for market competition. By raising the cost of deviant behavior, individual professionals are induced to adhere to market rules, thereby submitting individual interests to the interests of the collectivity. A market theory of professions contributes to a specification of the institutional conditions necessary for the development of a professional market order. Such order goes with a specific relationship between providers & consumers of professional services; consumer preferences are influenced by the characteristics of the market order. 24 References. AA.
