A basic concept in microeconomics is the law of supply and demand. In the language of economics, this concept is explained as such: the price of certain goods will vary until it settles at a point where the quantity demanded is equal to the quantity supplied, resulting in an economic equilibrium for price and quantity.
In fact, one of the core things you study as a health economist is the idea of market failure in healthcare. A long time ago, certain parties decided that the demand for doctors was high and that the supply was low . This leads to cost-containment measures, including resorting to short-term contract jobs for fresh doctors.Many people have the idea that once there is an abundant supply to satisfy demand, prices i.e. salaries and other costs related to doctors will come down.
Doctors, like other professional vocations, need to be certified as competent. In Malaysia, the path to this is the two-year internship period, followed by a compulsory service period, and subsequently full registration from the Malaysian Medical Council.Creating such a large supply of new doctors as is the case now actually yields no tangible benefit.
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