Occupational Licensing Without Learning

Pablo Blanchard, Sebastian Fleitas and Nicolas Malfetano

No 22018, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Whether earnings premia in licensed occupations reflect human capital or scarcity rents is hard to identify, because training and licensing are bundled. We exploit a reform at Uruguay's main university that shortened the accounting degree and granted a license, without additional learning requirements, to students already working alongside incumbent accountants. Competition from these new licensees identifies changes in licensing rents, separate from returns to training. Incumbent accountants' earnings fell by about 9 percent relative to comparable professionals, with no change in employment, consistent with licensing rents.

Keywords: Occupational; licensing (search for similar items in EconPapers)
JEL-codes: I23 J31 J44 K31 L51 (search for similar items in EconPapers)
Date: 2026-10
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