http://www.economist.com/blogs/freeexchange/2007/09/a_spoonf...
Not so, as the number of medical residents is de facto set by Congress (due to how the funding system works), thereby limiting the number of doctors in each specialty.
The critical difference is that there's no limit on the number of people who can get standard driver's licenses, but there is on medical licenses.
It's not just the AMA directly, though. Residencies are funded federally, I believe. I'm pretty sure the numbers per specialty are centrally controlled, but I'm not certain how the process works. And I don't know who limits the medical school slots, but I'm under the impression medical schools can't just increase the number of students at will.
All that being said, keeping the supply artificially low probably has some benefits.
...if drivers got to set the test standard and pass rate.
Certainly, the medical industry does not face the same competitive pressure from outside, but that is the nature of industry in general.
Rather than calling medicine a monopoly, it is more accurate to accuse heal care providers and practitioners of colluding to ensure prices are high. Monopolies by definition cannot collude since there would be nobody to collude with.
In the grand scheme of things, I believe medical costs are accurately priced and it is people's wages that are not adjusting correctly.