Question

As part of a physician’s training, student MDs must complete a residency in which they work long hours for low pay under the supervision of licensed physicians. Medical educators argue that this is a vital aspect of “hands on”, supervised training for potential MDs. Given what we have learned about the market for physician services, what are three alternative economic explanations that could be made for why this is done?

Answer 1

Ans) As a part of physician's training MDs have to do internship under the licensed physician, in which they have to work for long hours with low pay. This is basically done for the student to get knowledge how the work is done in real world, in their theories they have learn about various things but when they are going to apply to patient then only they will get full knowledge of the nerves and all these things. As medical educators have also explained without this activity these student will not get knowledge or the things about the diseases by which the patient are going through this low pay given to student so that they can learn more efficiently and work hard to get more salary in future. This is done in favour of students with two motives one is they will get knowledge in different situation with different patients, to tackle these problems and another one is if they are paid less then they may get motivated to earn more in future so they learn these things properly. In the market every one has to learn different strategies to earn money, any person without experience or without training can't get enough success as they have face practical world instead of theory to earn profit, income etc.

The physician market or the medical educators are also the part of same market as if they don't have full knowledge about the diseases or the pain by which the patient going through then how they are going to help them as a result no patient will come to them as they don't have knowledge so in future they don't earn single rupee. So if they want to grab knowledge or training then they have to go through this phase to earn high in near future.