See $500,000 Pay, Predictable Hours: How Dermatology Became the ‘It’ Job in Medicine: Americans’ newfound obsession with skin care has medical students flocking to this specialty by Te-Ping Chen of The WSJ. Excerpts:
"Four-day workweeks, double the salary of some colleagues and no emails at night. If those perks sound like they belong to a few vaunted tech jobs, think again. Dermatologists boast some of medicine’s most enviable work lives, and more aspiring doctors are vying for residency spots in the specialty.
“It’s ungodly competitive,” says Dr. Lindsey Zubritsky, a dermatologist in Ocean Springs, Miss., who finished her residency in 2018 and now splits her time between clinical work with patients and her social-media feed, where the “dermfluencer” has three million followers on TikTok and Instagram.
Medical residency applications for dermatology slots are up 50% over the past five years, according to data from the Association of American Medical Colleges, with women flooding the zone. A younger generation of physicians wants better work-life balance than their predecessors and, unlike pressure-cooker medical specialties such as cardiac surgery, dermatology fits the bill."
"Dermatologists earn a median $541,000 a year"
"Pediatricians, by contrast, earn a median $258,000 annually."
"Given the infrequency of skin emergencies, far fewer dermatologists are on call at night and on weekends."
"At Idriss’s clinic [Dr. Shereene Idriss], patients pay out of pocket for $500 microneedling sessions and $4,000 laser and filler treatments to smooth skin tone and texture and reduce lines and wrinkles. The procedures can last from 20 minutes to an hour. Idriss declined to say how much she makes but says that for dermatologists offering cosmetic treatments, “the sky’s the limit, depending on how efficient you are.”"
See The Hot New Job for Men: Nursing: The number of male registered nurses in the U.S. has nearly tripled since the early 2000s by Harriet Torry of The WSJ. Excerpts:
"The number of male registered nurses has increased from about 140,000 in 2000 to about 400,000 in 2023. This means that about 14% of nurses are now men, up from about 9% roughly two decades ago.
Economists at the Washington Center for Equitable Growth found that men who were becoming registered nurses tended to do so in their late 20s or early 30s rather than as their first job."
"The job of registered nurse—what patients tend to think of when they hear the word “nurse”—usually requires a bachelor’s degree. The average pay is about $95,000 a year, compared with the average nationwide salary of about $65,000."
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Inter-industry competition can affect labor markets (2023) (this was about an auto related company in Alabama that was not only competing for workers with other firms in its industry but also with restaurants and retailers)
This related to something I used to talk about in my micro class.
For the whole market, the wage is simply determined by the supply and demand curves. The demand for the whole market would be found by adding the demand (or MRP) of each individual firm.
It would seem that the supply for the whole market would also be the sum of the supply curve for each individual in the market. But it is not that simple, since the labor supply for each individual likely looks something like the labor supply curve in the graph below.
In this graph, L stands for the number of hours worked. As
your wage increases, you are willing to work more hours. But to do so, you have
to sacrifice leisure time. The higher wage allows you to buy more goods, but at
a cost of less leisure. But at some point, your wage gets so high, that it
allows you to buy all the goods you want. So now you want more leisure time,
which means you need to work less.
Imagine if your boss offered to double your hourly wage. You might want to put in more hours. So as W increases, so does L. But if your wage was extremely high, say, $1,000 per hour, you might work just a few hours a week, meaning the number of hours worked (L), decreases. So there must be a wage so high that when you reach it, you start to reduce the number of hours that you work.
The typical American worker worked many more hours a week about 100 years ago than today. They may have worked 60 hours or more. Today, we work fewer hours a week (around 40) yet the average income (adjusted for inflation) is much higher. We make enough money so that we can work less and have the goods we want.
So why can we draw the market supply curve upward sloping if it is “backward bending” for individuals? There are two reasons:
1. As W increases, workers from other industries enter the market in question, so L increases. When W increases, we assume it increases in one market only. For example, if the wage paid to janitors increases, convenience store clerks will apply to become janitors.
2. As W increases, nonworkers enter the market in question. Some workers who were not previously working in any market, will start to apply for jobs if the wage rises high enough. Examples might be stay at home spouses and students.
(I think I got this from Bradley R. Schiller's textbook)
In both cases, an increase in W leads to an increase in L. This is required for the supply curve to slope upward for the market. These two forces will outweigh any “backward bending” effect.
So wages are determined by the supply and demand for the job or occupation.
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