THE RELATIONSHIP BETWEEN INTERNAL RATES OF RETURN, PHARMACIST SUPPLY AND APPLICATIONS AND ADMISSIONS - A CASE-STUDY IN WISCONSIN

This study examined the existence of a pharmacist shortage in Wisconsi n between the bienniums 1983 to 1991 using the internal rate of return method and examined application and admission data to The University of Wisconsin School of Pharmacy in conjunction with rates of return to examine the existence of entry barriers to the profession of pharmacy in Wisconsin. Age-earnings profiles were estimated for full-time empl oyee pharmacists, college graduates and high school graduates. Rates o f return to pharmacists and college graduates were compared and a rati o of the pharmacist rate to the college graduate rate was computed for each biennium. Changes in the ratios suggest a pharmacist shortage ex isted in each biennium except 1985 and 1987. Application and admission data suggested that barriers to entry have influenced the labor marke t in Wisconsin.