What am I missing? :-)
Thanks for pointing it all out. Does make his argument about the bad money bogus though. Nearly every other job is worse money than being a doctor (which is why he compared to investment bankers and the likes)
Anyway, I don't know about US but in France doctors are not that bad. They have pretty competitive studies and they also have a few resident years, but they don't have to pay for study (as for any student) and pretty soon they get their well paid job. They also don't have as many stupid trials as in US.
If you worked those other jobs for 80 hours a week, I think you'd start catching up pretty quickly ;-)
At the age of 29: $45,000 for eighty hours a week.
At the age of 49: $600,000 for forty hours a week.
Or people lie.
Then, if you think of work as the process of converting time/life into money, I'd say private practice is a bit more efficient than hospital work. Because you work for yourself, you get to extract as much life as you want in exchange for money. I suppose it is very similar for entrepreneurs.