Is the physicians labor market recession proof?

According to a Health Economics paper by Alice Chen, Anthony Lo Sasso, and Michael R. Richards, the answer is ‘yes’.  According to their study:

We leverage a unique dataset on New York physicians to analyze if and how the Great Recession impacted the labor market of physicians who have completed their residency and fellowship training and are seeking their first job. We find that these physicians do not delay labor market entry and their job searches and other employment outcomes are unaffected by the business cycle. The collage of evidence demonstrates that new graduates were largely unfazed by the recent downturn, which sharply contrasts with other highly educated, high remunerating occupations.

Although being a physician may be getting less enjoyable with more paperwork, more pressure on earnings, and more oversight by regulators and managers, it does appear that physicians do enjoy high levels of job security.

Source:

• Chen, Alice, Anthony Lo Sasso, and Michael R. Richards. “Graduating into a downturn: Are physicians recession proof?” Health economics 27, no. 1 (2018): 223-235.

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