Mr. President is facing the first econ lesson of his presidency. According to a New York Times article Mr. President is trying to figure out what to do with shortage of doctors. He said “we are not producing enough primary care physicians”.Education is expensive, consumes a lot of time and the payoff is not worth the trouble. This is a very early wake up call on socializing medical care in the US.
The econ lesson? When you lower the price you get less of it. This is a good preview of what will happen to little chemical compounds we call legal drugs that save millions of lives every day if you start instituting price controls to “protect” people from “evil” pharmaceutical companies.
