Too often "reviewers" become de facto co-authors, and what they build rarely has the vision and insight of the real authors.https://twitter.com/NAChristakis/status/1021024099563425792 …
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Mediocre reviewing is indeed problematic but I don't think they necessarily come from grad students. Current as well as "future peers" can both provide low quality reviews, how much comes from one group vs. the other is TBD.
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