professional body

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An organization of people with particular professional qualifications. Such an organization may seek to set standards of professional competence, to control entry in order to ensure that its members are able to maintain professional standards, to monitor the conduct of members to ensure that they maintain these standards, and to exclude them if they do not. Professional bodies may also lobby for legal restrictions on the right of non-members to provide professional services. This is designed to protect the public from possible damage by incompetent or dishonest practitioners; it is also possible to use entry requirements to keep down numbers so as to keep up the price of professional services, and to use codes of conduct to restrict competition between members of the profession.

Subjects: Economics.

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