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Labour market liquidity, academic style. Tenure -> very high job security -> places are extraordinarily careful about hiring tenure track -> very, very illiquid. You don't exactly change jobs in a week, like my friends in more liquid industries do...https://twitter.com/JeffHavig/status/1057678203261779968 …
At the same time, grants have become so important that at the system level there is a huge amount of centralized control over what academics work on (what tenure in theory prevents). So you get both a lack of labour market liquidity & a lot of centralized control, a double whammy
An Illustrated version:http://benjaminreinhardt.com/inktober-2018/#academia …
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