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The greedy rich owe their ill gotten gains to three factors

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  • #136
    What makes you think that productivity gains by sector have anything to do with wages in each sector?

    If that was the case manufacturing wages would be enormous.

    The reason this doesn't happen is the movement of labour between sectors.

    This is very standard classical economics, Dan.

    Baumol effect - Wikipedia
    http://en.wikipedia.org/wiki/Baumol%27s_cost_disease
    12-17-10 Mohamed Bouazizi NEVER FORGET
    Stadtluft Macht Frei
    Killing it is the new killing it
    Ultima Ratio Regum

    Comment

    • #137
      Aggregate labor income gains are closely tied to aggregate labor productivity gains. But this doesn't translate into sector-specific gains. I can't substitute a new car for health coverage...
      12-17-10 Mohamed Bouazizi NEVER FORGET
      Stadtluft Macht Frei
      Killing it is the new killing it
      Ultima Ratio Regum

      Comment

      • #138
        I was merely pointing out the other, unstated part of the equation. How much you are paid per patient or procedure (reimbursements) times number of patients or procedures.
        I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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        • #139
          Why would the price per patient remain constant with productivity enhancements?
          12-17-10 Mohamed Bouazizi NEVER FORGET
          Stadtluft Macht Frei
          Killing it is the new killing it
          Ultima Ratio Regum

          Comment

          • #140
            By the way, doctors' salaries are much more dependent on how effectively the college of physicians prevents new labour from flowing into medicine than they are on productivity enhancements.

            12-17-10 Mohamed Bouazizi NEVER FORGET
            Stadtluft Macht Frei
            Killing it is the new killing it
            Ultima Ratio Regum

            Comment

            • #141
              I'm not saying it would. In fact, Guy is reporting that the reimbursements are declining. But if he is able to see more patients or do more procedures, he may still receive an increase in pay. It's not so simple an equation in the hospital, but may be more so in his private practice.
              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

              Comment

              • #142
                Originally posted by KrazyHorse View Post
                By the way, doctors' salaries are much more dependent on how effectively the college of physicians prevents new labour from flowing into medicine than they are on productivity enhancements.

                Lots of factors here. In the US, it has a lot to do with convention as well. But since Guy essentially works for the government, he is taking the price that they seek fit to provide.
                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                Comment

                • #143
                  In the US, it has a lot to do with convention as well.


                  Convention slows the movement to equilibrium. It doesn't stop it. Legally empowered oligopolies on the other hand...

                  But since Guy essentially works for the government, he is taking the price that they seek fit to provide.


                  While that is technically true, as I understand it his pay is determined by prevailing local rates for similar services in the private sector.
                  12-17-10 Mohamed Bouazizi NEVER FORGET
                  Stadtluft Macht Frei
                  Killing it is the new killing it
                  Ultima Ratio Regum

                  Comment

                  • #144
                    If his pay were determined by prevailing local rates for similar services in the private sector, he would be making around $160,000 -- the average among pediatricians. But he says he's making very roughly half that due to having mostly Medicare clientele.

                    Basically, he's taken a vow of poverty, as far as doctors go.
                    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                    Comment

                    • #145
                      he would be making around $160,000 -- the average among pediatricians


                      No. As he has already stated he does not provide OBGYN services (which drive average pediatrician wages up). Similarly, he may spend more time providing low-compensation services than the average pediatrician. And he may simply work less hours. Also, you are forgetting the fact that the hospital he works at takes a slice out, while there is no such intermediary in private practice.
                      12-17-10 Mohamed Bouazizi NEVER FORGET
                      Stadtluft Macht Frei
                      Killing it is the new killing it
                      Ultima Ratio Regum

                      Comment

                      • #146
                        I assume that he has a private practice in addition to his hospital work.
                        I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                        Comment

                        • #147
                          Originally posted by DanS View Post
                          Perhaps I wasn't clear. I have no idea how thrifty you are. Unfortunately, I can't take your word for it (as is proven in this thread), although admittedly it doesn't sound like you are a big spender.

                          Is that $1,000 a month payment for your education loans an actual figure or was it notional for purposes of this discussion? If you're willing to say, do you max out your 401(k)?
                          The only gains my 401(k) have is the matching contributions. EVERYTHING has been losing money since the first of the year.

                          ACK!
                          Don't try to confuse the issue with half-truths and gorilla dust!

                          Comment

                          • #148
                            Ah. Just found the medicare rules. Medicare used to work as I described it. It now works according to some complicated labour formula. So there is reason to believe that working on Medicare patients may well cost him money.

                            I can't get access to the fulltext of the studies, but based on some quick research it seems like Medicare fee schedules are ~85% of the average private practice fees (this is an aggregate, so it may be different for different specialties).
                            12-17-10 Mohamed Bouazizi NEVER FORGET
                            Stadtluft Macht Frei
                            Killing it is the new killing it
                            Ultima Ratio Regum

                            Comment

                            • #149
                              If Guynemer only makes 50% of average pediatrician salary then there is something else going on.

                              a) He is relatively inexperienced
                              b) He may provide more low-cost services
                              c) He may work less hours than average

                              The last two are merely speculative. Do not take them the wrong way, Guy.
                              12-17-10 Mohamed Bouazizi NEVER FORGET
                              Stadtluft Macht Frei
                              Killing it is the new killing it
                              Ultima Ratio Regum

                              Comment

                              • #150
                                G-damn, looking at Medicare rules at midnight? That's hardcore, man.
                                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                                Comment

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