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MEDICAL ECONOMICS

M. L. HARRIS, M.D.
JAMA. 1927;89(22):1869-1873. doi:10.1001/jama.1927.92690220001014.
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ABSTRACT

It is a trite aphorism that doctors are poor business men, by which is meant that the average doctor knows nothing about the underlying principles of good business; that he is unacquainted with the laws of economics, and that as a rule he is the most gullible of all men when it comes to investing money. Unfortunately there is too much truth in the statement. Why is it that doctors use so little judgment when it comes to matters of business? It is because they practice a profession that for centuries has dwelt in the shadow of altruistic tradition; because they have been so wrapped up in the scientific aspect of their work that they have neglected to a great extent the material affairs of life; because they have had little or no training in business affairs; because by reason of listening from day to day to the ills and

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The American Medical Association is accredited by the Accreditation Council for Continuing Medical Education to provide continuing medical education for physicians. The AMA designates this journal-based CME activity for a maximum of 1 AMA PRA Category 1 CreditTM per course. Physicians should claim only the credit commensurate with the extent of their participation in the activity. Physicians who complete the CME course and score at least 80% correct on the quiz are eligible for AMA PRA Category 1 CreditTM.
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