If this continues, then the income of surgeons in the developed world will fall, while those in the undeveloped world will rise. If the cost of medical care falls, then this will put a lid on inflation as well as hold up the incomes of those who need medical services. In the long run, it will be good for the world.
Professionals are already subject to competition, and, for decades, there's been an oversupply of lawyers in the big cities. But universities are not subject to competition of any kind, and they don't fail regardless of how poorly they serve their students. So it's time they went through the same process that GM went through.
