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Article
November 26, 1927

MEDICAL ECONOMICS

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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