Too many doctors!

Mike the Mad Biologist has a post up, Yes, We Have a PhD Glut... Which is interesting, because it isn't has if getting a doctorate is financially lucrative. Though getting a medical doctorate is financially lucrative. Perhaps the medical profession has the right idea, control labor supply?* Right idea for medical doctors at least.... * At least the medical profession hasn't opened the floodgate and enabled the overproduction of those with MDs who will never practice the profession and so be saddled with a lot of debt, which is the case with the legal profession (and for those who do pass the bar and enter into the legal profession, there's a two-tiered pay scale).