Expenses of Medical School

Source: www.bestmedicaldegrees.com

The economic principle I’m exploring is: people gain when they trade voluntarily. 

 My research question to help me study the economic principle is: How can students who are planning to go to medical school ensure they will be benefiting/gaining (+ getting a job)? (Consider long schooling, expenses, and the overall benefits and drawbacks) 

 The article published in Best Medical Degrees titled “Is Medical School Worth it Financially” demonstrates this economic principle because it shows the true cost of medical school, including opportunity cost, and argues that, despite the extremely high costs, medicine is worth pursuing if you are truly committed to it.

First, the cost of medical school is very high. According to the article, “the median four-year cost of medical school (including expenses and books) was $278,455 for private schools, and $207,866 for public schools in 2013.” This is definitely a high number, but the number becomes even higher when you factor in missed opportunity, as well as the interest that can be added to the debt. Medical school is a long process; it can take up to eight years depending on your specialty. An average college graduate will find a job, and begin to make a profit, which medical school students miss out on. The article states that when you compare the average college graduate to a medical school graduate, “doctors are half a million dollars behind in real and potential losses, all by their early thirties.” Factoring in the missed opportunity as well as interest on debt, the article estimated that, on average, the true total cost of medical school is $800,000.

Second, despite the high costs, medicine is worth pursuing if you are truly committed to it. The costs of medical school can definitely be paid off, as the article states that “the relatively high salaries of doctors invariably pay for opportunity and real costs.” This shows that the high expenses of medical school shouldn’t deter you if you are set on pursuing medicine, since they can be paid off. Ultimately, the article emphasizes that medical school is worth it if you are highly motivated, can cope well with stress, and truly want to pursue medicine.

 In my next blog post I will research: the differences between certain specialties in medicine.