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Physicians earn above competitive wages and the best

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Unformatted text preview: nities the physician might have elsewhere. When you think thinking about the ability and desire of physicians to work, you want to consider the initial decision to become a physician, decision to specialize, and decision about how much to work 2. “Physicians earn above- competitive wages, and the best evidence of this is the very high annual incomes that some doctors earn.” Comment. (Phelps, problem 4, pg. 174) Physicians may receive above average reimbursement; however, to get to this point, physicians need to first attend medical school (the ability to attend is constrained by admission and ability/willingness to pay/take out debt). Most physicians also specialize, which requires more years of training with little financial reimbursement (again, the ability to specialize depe...
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