We've Got A Lawyer Surplus and Doctor Shortage; Why Couldn't It Be the Other Way Around?
From the front page today's WSJ, an article about the oversupply of lawyers, "Job Market Wanes for U.S. Lawyers; Law Schools Proliferate:"
"On the supply end, more lawyers are entering the work force, thanks in part to the accreditation of new law schools and an influx of applicants after the dot-com implosion earlier this decade. In the 2005-06 academic year, 43,883 Juris Doctor degrees were awarded, up from 37,909 for 2001-02, according to the American Bar Association (see chart above). Universities are starting up more law schools in part for prestige but also because they are money makers. Costs are low compared with other graduate schools and classrooms can be large. Since 1995, the number of ABA-accredited schools increased by 11%, to 196."
MP: Now, if we could only have an outcome similar to this for medical schools and graduates from medical school, which have remained constant at 125 schools and 16,000 graduates, respectively, for at least the last 20 years (see chart above).
Unfortunately, "the marketplace doesn't determine how many doctors the nation has, as it does for engineers, pilots and other professions. The number of doctors is a political decision, heavily influenced by doctors themselves."
Result: We now have a doctor shortage and a lawyer surplus. The difference is that the lawyer surplus will eventually correct itself as law school graduates face falling wages and declining employment opportunities, resulting in fewer students being attracted to law. As long as medical schools and the number of graduates are artifically restricted, the doctor shortage will continue, especially for the "Family and General Practitioner" category (see chart below).