- 19 out of the 20 highest-paying U.S. jobs are in the medical or dental fields, with pediatric surgeons earning the highest average salary of $450,810 in 2024.
- Extensive education (12-15 years) and long work hours contribute to high doctor salaries, but these factors alone don't fully explain the earnings gap compared to other professions like farmers or academics.
- Doctors actively pursue higher-paying specialties and procedures, with top earners in fields like neurosurgery making over $900,000 annually during peak career years.
- A doctor shortage exists in the U.S. due to artificially limited medical school seats and residencies, which restricts supply and increases salaries, akin to a union-like effect.
- Government policies, particularly Medicare's pricing of medical services, drive up healthcare costs, allocating a large share of GDP to the sector and ensuring high doctor compensation without typical market competition.