In a recent article by Michel Accad, MD, he makes the suggestion that we should be taking a capitalist, free market view of the situation of physician shortages. There is an notion out there that by 2025, there will be a “doctor shortage”. He points out in the following excerpt that the shortage (a function of supply and demand) is in direct relation to the expected salary (income) or price for delivering the medical service. As we all know, a wage or a salary is merely another name for price, so you would expect shortages to be governed by the same laws of supply and demand.
If indeed there will be an massive shortage of doctors in the near future, the important practical question is: at what level of physician income will the expected shortage take place? How many residents will be able to make a living at the income level they will eventually achieve in 2025?
An interesting article to get you thinking about how “economics is life“. And how we run into the principles of economics everywhere.
Please read this article at: On the Looming Shortage of Doctors