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The High Price of Doctors: A Disease of Regulation

What’s driving the high price of doctors: market inequality or government entry restrictions?  My co-bloggers’ debate reminds me of a random encounter with some striking evidence: The Digest of Education Statistics‘ Table 294.If you peruse this table, you’ll discover that total number of new M.D.s per year has been virtually flat for 30 years.  During this period, population increased over 30%.  As a result, the new M.D./population ratio has declined for decades.If you’re not horrified, consider...

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