PUP 4931r Lecture 36: pup lec 36
6 Apr 2018
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Document Summary
Entry barriers: med, dental, nursing school restrictions, hospital capitalization, con, provider, payer requirements, monopsony buyers. Supply restrictions; oligopoly (market shared by a small number of sellers) Few sellers: state laws, regulations; delegated power to providers. Insensitivity to price variation (inelastic demand; 3rd party payment price insulation) Externalities: infectious disease, behavioral problems, lost productivity, cost shifting, conscience burden. Many industrialized countries have higher physician-and-nurse to population ratios than the united states. The supply of us physicians per capita grew only 1 percent per year between 1991 and 2001; only six countries had slower growth during this period. A large part of the increase in the us physician supply represents international medical graduates (imgs), as the capacity of us medical schools has stayed virtually constant since the 1970s. Florida"s recent med school boom is an exception. The us nurse-to-population ratio (8. 1 per 1,000 population) also was below the oecd median (9. 0) in 2001.
