The medical and dental profession is an example of where free market is not fully present. Their profession is self-regulated, fees are self-determined or negotiated with the government, the number of professionals(i.e competiton) are controlled by the self regulating body. They work hard, spent more time in school, have more stressful jobs, logically they deserve to get paid more than the plumber. Otherwise, no one would go into those professions. How much more however should be set by the free market as well. Say the average income of anesthesiologist is $300,000, if the anesthesiologist can be honest with oneself, most of them might say they would still be doing the same work for $250,000, maybe even $230,000, until we get a level where they think it’s not enough to compensate for all the extra work and hard training. If I can be honest with myself, I sure would be still doing I do with nothing changed for 25% reduction in pay.
There’re several benefits to make the medical/dental profession open to free market.
1. It reduces overpaid positions and healthcare costs
2. People who are truely passionate about the profession will enter the profession and succeed. Since someone truely passionate about anesthsiology might be happy doing it at $200,000 when that’s not enough for the people who’re more concerned with the monetary gain. And the wrong people are pushed out even though they are smart to get into medical school.
3. More doctors will be can be available in a free market where competition is free to enter. ( of course we still set a standard for their qualifications, but don’t tell me where we have the cutoff now is the exact border between people who are good enough to be a doctor and who are not. Right now we get probably 10 applications for every spot in medical school)
4. Less workload per doctor, less stress and more enjoyable job. I’m pretty sure the actual health care will also be improved even though they’re making less now, but the job is less stressful and the right people are in it.
5. More jobs are opened up in other areas taken up by the competition before they were allowed in. This is better for unployment rate because more people can enter the work force.
I’m not picking on the medical or dental profession because there are many more overpaid careers out there and many underpaid doctors. I’m just more familiar with the field. If you’re intimately familiar with a field where someone is having a Sweet Gig due to lack of free market or competition, please comment me and I’ll post it in the Sweet Gigs