This is a horrible idea. What will happen and has happened in reality is that those with less scruples or money will simply pay for the cheaper unlicensed work and not pay for extra insurance. Those people or their tenets then suffer by injury and death when an electrical fire starts or an improper wiring job jolts someone.

It's a good thing you know everything and your actions never have consequences on others. Fire never spreads, the free market will solve all problems, and the earth is flat.

Yes but if your house causes a black out to our city, or a fire that destroys a city block who's held responsible? You, the electrician? What if people die?

The problem with Randian Objectivism is it normalizes human death to solve micro economical problems. I'd rather have micro economical problems then human death.