Licensure refers to the granting of a license, which gives a "permission to practice." Such licenses are usually issued in order to regulate some activity that is deemed to be dangerous or a threat to the person or the public or which involves a high level of specialized skill. The danger and skill elements inspire governments not to allow a free-for-all, but to regulate the activity, and licensing is a well-established and convenient method of regulation. Licensing includes such things as pilot and driving licenses, licenses to play professional sports, etc. In the case of certain occupations and professions, licensing is often granted through a professional body or a licensing board composed of advanced practitioners who oversee the applications for licenses. This often involves accredited training and examinations, but varies a great deal for different activities and in different countries.

In the USA and Canada, licensing (the term registration is sometimes used elsewhere) is usually required by law to work in a particular profession or to obtain a privilege such as to drive a car or truck or own a gun. Many privileges and professions require a license, generally from the state or provincial government, in order to ensure that the public will not be harmed by the incompetence of the practitioners. Landscape architecture, building architecture, Earth Science, Engineering, Surveying, Teachers, medical practitioners, nurses, lawyers, detectives, psychologists, geologists, social workers, and certified public accountants are some examples of professions that require licensure. Licensure is similar to professional certification, and sometimes synonymous; however, certification is an employment qualification and not a legal requirement for practicing a profession.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.