A little economic knowledge can be a dangerous thing, writes Jane Johnson

American Association of Medical Colleges reports that the US will face a physician shortage of up to 86,000 by 2036 .

The shortage of physicians is considered a leading cause of long appointment wait times.

The aging US population creates increasingly greater demand for physicians’ services, says Jane L. Johnson .

Economic theory would predict the consequences of increasing the supply of providers, if providers have annual revenue targets for their office revenue and personal income.

In 1976 the Graduate Medical Education National Advisory Committee (GMENAC) predicted a surplus of 145,000 physicians in 2000 .

Some observers recommended that the number of US medical school positions be limited and that graduate medical education residency positions be restricted.