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The Professions as Systems that Support Transactions Involving Knowledge: Their Contribution to Economic Development and their Response to the Growth of Global Markets

In: Institutions and Market Economies

Author

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  • Gordon Boyce

Abstract

This chapter examines professions as systems that support transactions involving knowledge. With respect to transactions with clients, professional bodies facilitate such exchanges by validating knowledge, creating brands and establishing a price. The associations also rely on network structures to effect exchanges of knowledge and know-how among practitioners, and they operate as communicating nodes when interacting with outside constituents, including other professional groups, governments and regulatory agencies.

Suggested Citation

  • Gordon Boyce, 2007. "The Professions as Systems that Support Transactions Involving Knowledge: Their Contribution to Economic Development and their Response to the Growth of Global Markets," Palgrave Macmillan Books, in: W. R. Garside (ed.), Institutions and Market Economies, chapter 13, pages 305-321, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-38994-6_13
    DOI: 10.1057/9780230389946_13
    as

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