Being a physician is not inherently lucrative

                            In many other countries doctors make substantially less money than they do in the USA. The fact that doctors make six digit salaries in the United States is a consequence of political lobbying more than inherent worth. The medical lobby has done a good job in erecting barriers of entry into this profession. This keeps wages high. Doctors often think that they are worth the salaries they get. This is not true. Only in a truly free market can you determine what you are actually worth. This medical environment is not a free market at all. It is highly regulated and protected. This happens from the amount of medical schools that are allowed to open, to the amount of residency spots that are allotted  to the amount of foreign medical graduates that are allowed to practice. Even more lobbying is done in Washington. Other lobbies are arguably  more powerful than doctors now ( nurses lobby). My point is that it would be a mistake to think that doctors are inherently worth what they are paid.

                             I am glad that doctors get well compensated. I have no moral stance on market protectionism or medical monopolies. I am not arguing against or for protectionism. Lawyers failed to enact effective protectionism on their profession and now you see a glut of lawyers.  I am not arguing to lower or increase doctors salaries. I am just saying that the salaries are not a true reflection of what they are worth. India is an interesting case in point.

                             One would think that because India has a massive doctor shortage, that doctors would be making alot of money in India. This is not the case. The average doctor (MBBS or MD) does not necessarily make a decent living. They often try to practice in the United States. They also try to teach at off shore Caribbean medical schools. Both of these options pay much more than they would be making in India. Doctors here should enjoy the inflated income while it lasts.  Medicine is not inherently  lucrative. Just look at India. Click on the link for the article.,1


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s