Graduates veer away from pediatrics and family medicine. \"Since 1997 the number

Question

Graduates veer away from pediatrics and family medicine. "Since 1997 the number of medical school graduates going into pediatrics or family medicine has dropped by 50%. New doctors are opting instead for specialties such as orthopediac surgery, which pays an average of $480,000 a year, instead of pediatrics which pays $171,000".

First, discuss the decision by doctors to enter seperate markets for various specialities rather than starting a family practice. Second, discuss the monoploy that the American Medical Association holds on the production of doctors in the US and its implications on market prices and efficiency.

Explanation / Answer

The main reason doctors are entering separate markets for various specialities rather than starting a family practice is because of the higher paying salary . The specialty sectors are also allow them to distinguish themselves from the rest of the doctors. The American Medical Association monopoly on the production of doctors limits the amount of doctors available to the job market. This in turn increases market prices as doctors would no longer be considered a dime a dozen and are much harder to come across. It also affects efficiency as well. For example, a woman is in need of a doctor and finds the nearest available one thirty miles away. Had more doctors been allowed to work it would have increased efficiency by producing a shorter traveling distance. I enjoyed answering this question. Hope this helps, best of luck.

Related Questions

Navigate

• Browse (All)
• Browse G
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.