A surplus of underemployed intellectuals means trouble.https://nyti.ms/2yzYgTJ
Aside from PhDs that are attractive to industry, perhaps, at equilibrium, no university should graduate more PhDs than it hires per year.
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Medical schools avoid taking more students than can be assigned to residencies. Why should PhD programs be less ethical than that?
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Some universities should graduate more phds than others do
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Yes- apply that logic everywhere, including MD's. How many doctoral areas have labor shortages outside of academia?
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This assumes that all PhD graduates would cut it as academics. IME, the proportion who could is under 20%.
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Professional studenthood is an important time-occupier in an automating world. The future lies with Sisyphus.
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Also, universities function as sanatoria for people too intellectually dangerous to be left to their own devices. Just need good wardens.
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Read the book, "Higher Education?" Adjuncts are lowly paid b/c many full bird prof's are overpaid and barely spend time in the classroom
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Who's going to work as post-docs in University chemistry labs for $30k per year then?
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