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Real Returns to Medical Education

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  • Cotton M. Lindsay

Abstract

Previous estimates of the profitability of investment in medical training contain an upward bias. These studies treat as the return to such investment the full difference in trained and untrained earnings, and thus they fail to account for expected labor/leisure substitutions associated with training investments. When this bias is eliminated, rents on medical training reported in these studies disappear. These findings fail to support the popular belief that the medical profession restrains entry by limiting medical school capacity. The paper suggests other ways in which the profession may be exploiting its monopoly power which go undetected in such profitability tests.

Suggested Citation

  • Cotton M. Lindsay, 1973. "Real Returns to Medical Education," Journal of Human Resources, University of Wisconsin Press, vol. 8(3), pages 331-348.
    • Handle: RePEc:uwp:jhriss:v:8:y:1973:i:3:p:331-348
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    Cited by:

    1. Martin Gaynor, 1994. "Issues in the Industrial Organization of the Market for Physician Services," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 3(1), pages 211-255, March.
    2. Nohora Y. Forero Ramírez & Manuel Ramírez Gómez, 2008. "Determinantes de los ingresos laborales de los graduados universitarios durante el período 2001-2004," Documentos de Trabajo 4591, Universidad del Rosario.
    3. Till Bärnighausen & David E. Bloom, 2009. "Changing Research Perspectives on the Global Health Workforce," NBER Working Papers 15168, National Bureau of Economic Research, Inc.
    4. Sean Nicholson, 2003. "Barriers to Entering Medical Specialties," NBER Working Papers 9649, National Bureau of Economic Research, Inc.
    5. Nohora Y. Forero Ramírez & Manuel Ramírez Gómez, 2008. "Determinantes de los ingresos laborales de los graduados universitarios en Colombia: un análisis a partir de la Herramienta de Seguimiento a Graduados," Revista de Economía del Rosario, Universidad del Rosario, June.
    6. Jeff Borland, 2002. "New Estimates of the Private Rate of Return to University Education in Australia," Melbourne Institute Working Paper Series wp2002n14, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    7. Sherry A. Glied & Ashwin Prabhu & Norman H. Edelman, 2008. "The Cost of Primary Care Doctors," NBER Working Papers 14568, National Bureau of Economic Research, Inc.
    8. Shirley Svorny, 2004. "Licensing Doctors: Do Economists Agree?," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 279-305, August.

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