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Related Experiment Videos

Really great returns to medical education?

S T Mennemeyer

    The Journal of Human Resources
    |January 1, 1978
    PubMed
    Summary

    Investing in medical education offers superior financial returns compared to other professions. Even after adjusting for work hours, physician earnings remain highly competitive, particularly against dentists and lawyers.

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    Area of Science:

    • Health Economics
    • Medical Education Value
    • Professional Earnings Analysis

    Background:

    • Assessing the economic value of medical education is crucial for career and policy decisions.
    • Previous analyses may not fully account for variations in work hours and long-term earnings.

    Purpose of the Study:

    • To evaluate the net present value (NPV) of medical education compared to alternative professional training.
    • To analyze physician earnings adjusted for hours worked against other professions.
    • To examine historical earnings data for physician and dentist cohorts.

    Main Methods:

    • Utilized 1970 Census data for net present value (NPV) calculations.
    • Performed adjusted NPV computations considering hours worked by professionals.
    • Analyzed cohort earnings data from the post-Flexner era.

    Main Results:

    • Standard NPV calculations show medical education yields higher returns than alternative professions.
    • Adjusted for hours worked, physician earnings approximate those of dentists and lawyers.
    • Physician earnings remain significantly higher than other analyzed professions, even after adjustments.

    Conclusions:

    • Medical education represents a financially sound investment with substantial long-term economic benefits.
    • Adjusting for work hours provides a more nuanced understanding of physician compensation relative to other high-earning professions.
    • Historical earnings data supports the sustained economic advantage of medical careers.

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