> It would be bad policy to have talented people train intensely for 8+ years, only to have them emerge on the other side with a "sorry, oversupply, no job for

> It would be bad policy to have talented people train intensely for 8+ years, only to have them emerge on the other side with a "sorry, oversupply, no job for you." "Oversupply" isn't a thing in the absence of price controls. If there are more doctors then they get paid less and because they get paid less there is more work for them. Medical research or labor-intensive treatment or diagnostics that wouldn't have been cost effective at higher salaries becomes so and it creates more jobs for doctors at the lower salary. Of course, if doctor salaries get too low then fewer people want to become doctors, and fewer people going to medical school would cause salaries to go back up. So you end up at an equilibrium where doctors get paid the amount necessary to encourage people to go to medical school, but not wastefully more than that.