Markets for Medical Care and Medical Education: An Integrated Long-Run Structural Approach

This paper investigates the relationship between the market for medical care and the market for medical education. Within a standard supply and demand framework, the capacity of medical schools is considered as an endogenous element within a complete structural system of the market for physicians�...

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Bibliographic Details
Published in:The Journal of human resources 1981-01, Vol.16 (1), p.20-40
Main Authors: Leffler, Keith B., Lindsay, Cotton M.
Format: Article
Language:English
Subjects:
Capacity
Demand
Earnings
ECONOMIC DEMAND
EDUCATION
Education, Medical - trends
Fees
HEALTH (ALSO SICKNESS AND DISEASE)
Health care
Health Services - economics
Higher education
Human resources
Humans
Labor market
Markets
Medical
Medical education
Medical schools
Medical Services
MEDICINE
Modeling
National health insurance
PHYSICIANS
Physicians - supply & distribution
POLITICAL ECONOMY
PUBLIC POLICY
Schools
Services
SOCIAL POLICY
Studies
Supply
Supply & demand
Supply and demand
Time series
Time series forecasting
United States
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Summary:This paper investigates the relationship between the market for medical care and the market for medical education. Within a standard supply and demand framework, the capacity of medical schools is considered as an endogenous element within a complete structural system of the market for physicians' services. The parameters of the model are estimated using data from the postwar period. The estimated system is then simulated both to compare it to alternative time-series forecasting approaches and to examine the nature of earnings cycles in medicine. The results of this exercise support the applicability of traditional economics to this sector of the economy.
ISSN:0022-166X
1548-8004
DOI:10.2307/145217