I also strongly feel the U.S. overspends on post-secondary education, but the same issue applies there too. If you spend time in a college town, it quickly becomes evident how a university props up every aspect of its local economy. I don't see how we could dial in the spending without hurting real, normal people. Compared to many other industries, it doesn't feel like people are becoming fabulously wealthy off of healthcare or post-secondary education. It begs the question-- should these be the last industries we examine for degrowth?
Healthcare workers especially doctors are paid extremely well. Yes they spend many years on education and wouldn't start making real money till late 20s/early 30s. Yes the loans and malpractice insurance cost a lot. But primary care physicians easily make ~$500K and specialists make millions. Working for 30 years, they are compensated more than enough for all the education and risk they take. So the moral superiority of healthcare workers need to be scrutinized more as they are not doing charity and are being compensated appropriately if not more for what they do.
Great piece, thanks for sharing.
I also strongly feel the U.S. overspends on post-secondary education, but the same issue applies there too. If you spend time in a college town, it quickly becomes evident how a university props up every aspect of its local economy. I don't see how we could dial in the spending without hurting real, normal people. Compared to many other industries, it doesn't feel like people are becoming fabulously wealthy off of healthcare or post-secondary education. It begs the question-- should these be the last industries we examine for degrowth?
That’s an interesting point.
Pharmacists used to be a 5 year BS degree +1500 OTJ training; now it's an 8 year doctorate. Thanks, higher-education-industrial complex!
Healthcare workers especially doctors are paid extremely well. Yes they spend many years on education and wouldn't start making real money till late 20s/early 30s. Yes the loans and malpractice insurance cost a lot. But primary care physicians easily make ~$500K and specialists make millions. Working for 30 years, they are compensated more than enough for all the education and risk they take. So the moral superiority of healthcare workers need to be scrutinized more as they are not doing charity and are being compensated appropriately if not more for what they do.