The rules of supply and demand are hard at work.
Opticians' pay increases by about 12 percent, or $3,600, on average in the year after states implement licensing requirements, according to a new study.
The reason is likely supply and demand, according to an article published in the Harvard Business Review by study co-author Edward Timmons. Fees, exams and educational requirements all make it more expensive to become an optician.
"As a result, fewer people may opt to become opticians, decreasing the labor supply, and increasing earnings for opticians," he writes.
Timmons, professor of economics at Saint Francis University in Loretto, PA, wrote the paper with Anna Rivers, then of the George Mason University's Mercatus Center.
At present, 21 states mandate licensing for opticians, with requirements varying considerably from state to state. Additional requirements, such as additional mandated exams, led to higher pay increases, according to the study.
Read more at Harvard Business Review
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