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The Growing Supply of Physicians: Has the Market Become More Competitive?

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  • Noether, Monica

Abstract

The stock of U.S. physicians at any point in time is modeled as a weighted average of the supply that a perfect cartel would produce and that would prevail under perfect competition. Estimation of a system of stock and income equations over the post-World War II period shows that, after holding constant demand and marginal cost conditions and accounting for gradual adjustment to changes in equilibrium, the weighting parameter has moved toward the competitive extreme since 1965. This rise in the degree of competition is estimated to have increased physician stock by 6 to 20 percent and concomitantly decreased medical incomes by 19 to 45 percent. Copyright 1986 by University of Chicago Press.

Suggested Citation

  • Noether, Monica, 1986. "The Growing Supply of Physicians: Has the Market Become More Competitive?," Journal of Labor Economics, University of Chicago Press, vol. 4(4), pages 503-537, October.
  • Handle: RePEc:ucp:jlabec:v:4:y:1986:i:4:p:503-37
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    Citations

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    Cited by:

    1. Badi H. Baltagi & Espen Bratberg & Tor Helge Holmås, 2005. "A panel data study of physicians' labor supply: the case of Norway," Health Economics, John Wiley & Sons, Ltd., vol. 14(10), pages 1035-1045.
    2. Sæther, Erik Magnus, 2009. "A Discrete Choice Analysis of Norwegian Physicians’ Labor Supply and Sector Choice," HERO On line Working Paper Series 2003:19, Oslo University, Health Economics Research Programme.
    3. Dr. Sukhan Jackson & Kamalakanthan, Abhayaprada, 2006. "The Supply of Doctors in Australia: Is There A Shortage?," Discussion Papers Series 341, School of Economics, University of Queensland, Australia.
    4. Michel Grignon & Yaw Owusu & Arthur Sweetman, 2013. "The international migration of health professionals," Chapters,in: International Handbook on the Economics of Migration, chapter 4, pages 75-97 Edward Elgar Publishing.
    5. Gächter, Martin & Schwazer, Peter & Theurl, Engelbert & Winner, Hannes, 2012. "Physician density in a two-tiered health care system," Health Policy, Elsevier, vol. 106(3), pages 257-268.
    6. Johannessen, Karl-Arne & Hagen, Terje P., 2012. "Variations in labor supply between female and male hospital physicians: Results from a modern welfare state," Health Policy, Elsevier, vol. 107(1), pages 74-82.
    7. Till Bärnighausen & David E. Bloom, 2009. "Changing Research Perspectives on the Global Health Workforce," NBER Working Papers 15168, National Bureau of Economic Research, Inc.
    8. Divine Ikenwilo & Anthony Scott, 2007. "The effects of pay and job satisfaction on the labour supply of hospital consultants," Health Economics, John Wiley & Sons, Ltd., vol. 16(12), pages 1303-1318.
    9. Lee Mobley & W. David Bradford, 1997. "Behavioural differences among hospitals: it is ownership, or location?," Applied Economics, Taylor & Francis Journals, vol. 29(9), pages 1125-1138.
    10. Ken Goldin, 1992. "Long-Run Impacts Of Aids," Contemporary Economic Policy, Western Economic Association International, vol. 10(1), pages 21-38, January.

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