Find A Balance Between Autonomy And Governance, Control And Competitive Antagonism

Professions are special vocations characterized by high standards of education andpractical training, ethical behavior, and personal accountability, and by moral andfinancial independence. Traditionally, the learned professions were theology, law, andmedicine;but, with the advance of technology and the development of economy andsociety, some other occupations have climbed, and still others may climb, to theprofessional plane.Professionals believe in "professional autonomy", which includes both the freedomof each profession to regulate itself without interference from external authorities. As aresult, professions are usually organized into associations, which often enjoy officialrecognition and benefit from a close relationship with the government. Theseassociations frequently intervene in the maintenance and implementation of rules and inthe elaboration of regulations.Professions are highly regulated. The conventional rationale for regulation rests onwhat economists describe as market failure in the professional service market. There areessentially three reasons why some regulation of profession can be necessary:asymmetry of information between customers and professionals;externalities, as theseservices may have an impact on third parties;and certain professional services aredeemed to produce "public goods" that are of value for society in general.Under a scheme of statutory self-regulation, the state does not regulate directly, butrather delegate the regulatory functions to the professional associations. Professionalhave traditionally been self-regulated because the state, like the consumer, lacks theexpertise to regulate the profession. So the profession is highly self-regulated by theprofessional association.Although professionals justify self-regulation on the ground that it serves thepublic welfare by eliminating the harmful effect of economic competition,self-regulation may also have less desirable effects such as unduly limiting competitionand thus reduce the incentives for professionals to work more efficiently, to lower price,or to offer innovative services. What' more, in the viewing field of Antitrust Law,self-regulation by professional associations constitutes horizontal restraints. In otherwords, self-regulation may serve the profession more than, or even at the expense of thepublic interest. So self-regulation in the antitrust context must be questioned andcarefully limited. However, the antitrust law should not condemn professionalself-regulation merely because it has some anticompetitive effects. The antitrust may beapplied to professional associations without destroying the legitimate values ofself-regulation. The escape hatch should be opened for the self-regulation that benefitsthe public interest. In a conclusion, the application of Antitrust Law to theself-regulation of professional associations should be a balance of the value ofself-regulation and the value of competition.