According to the Journal of the American Medial Association, the United States is likely to face a significant shortage (85,000 physicians) of primary care providers by 2020. Here's some background before I pose my question. America is getting old. We know this. The baby boomers are aging and their healthcare spending will inevitably grow (for this and likely other reasons...policy?) Demand for primary care is on the rise--both from the payer and consumer side. The Journal gives the reason for this shortage: the expected income for a primary care physician is significantly lower than that of a more specialized practice (anesthesiology, surgery, ObGyn, etc.)
But where has the market failed us? According to classical economics, this reasoning is flawed. If the forecast is correct and this shortage truly exists, the wages for primary care physicians should, theoretically, rise until the demand is met. Med students would adjust their tracks and everything would be fine.
So, my question to you is why/how can this shortage exist? Where has the market failed? I've got a few ideas but I want to see if anyone knows.
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