America should get rid of oppressive job licensing

SOME rush to blame free markets for America’s income inequality and its lack of social mobility. Among rich Western countries, America is where the top 1% of earners have become most detached from their compatriots. Yet those who blame this on unfettered competition or globalism run wild in the home of capitalism ignore an awkward fact. Far from being laissez-faire, America’s labour markets are grossly over-regulated by state governments. The resulting lack of competition drives up earnings—especially for the most exclusive professions, including medicine and the law. That is a tax on everyone else.