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The canonical example is in Medicine: Doctors, Surgeons, Dentists. All of these professions have strict professional bodies which limit the number of people tha
by daemin 9y ago
The canonical example is in Medicine: Doctors, Surgeons, Dentists. All of these professions have strict professional bodies which limit the number of people that can enter them, therefore be it intentionally or not, the wages are kept high.
- noobermin 9y agoI think when it comes to healthcare, it will always be the exception, give the inelasticity of the demand for healthcare.
- daemin 9y agoActually the demand for healthcare will change when there is a change in price. There will always be a base demand level, but if you change the price of seeing a doctor then people would be more inclined to see them for minor things - annoyances, rather than emergencies. Therefore if you allow for more doctors to be created the salary should drop, and if all goes to plan the price for healthcare should also drop. Although my opinion is in the current US climate, the prices will remain the same and someone else will just suck up the profit.