Adam Smith and a Physician’s Pay
Pondering healthcare reform again, I came across this comment from Adam Smith, 1776, WEALTH OF NATIONS:
22] We trust our health to the physician: our fortune and sometimes our life and reputation to the lawyer and attorney. Such confidence could not safely be reposed in people of a very mean or low condition. Their reward must be such, therefore, as may give them that rank in the society which so important a trust requires. The long time and the great expense which must be laid out in their education, when combined with this circumstance, necessarily enhance still further the price of their labour.
(Book 1, Chapter 10)
In our Econlife note for December 22, 2009, Uwe E. Reinhardt (Princeton economics professor) discusses doctor pay.
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