Also, why is medical training so long? Why is an undergraduate degree costing hundreds of thousands of dollars a prerequisite for medical school? And why so many years of residency/fellowship. It all seems like an elaborate scheme to preserve extremely high wage levels
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1. Mostly a) Baumol's cost disease in education & b) the AMA's bizarre insistence that aspiring physicians receive a bachelor's degree. 2. The AMA is a cartel that caps the number MDs granted per year.
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