Doctoral degrees: The disposable academic | The Economist - 27 views
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There is an oversupply of PhDs. Although a doctorate is designed as training for a job in academia, the number of PhD positions is unrelated to the number of job openings. Meanwhile, business leaders complain about shortages of high-level skills, suggesting PhDs are not teaching the right things. The fiercest critics compare research doctorates to Ponzi or pyramid schemes.
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A graduate assistant at Yale might earn $20,000 a year for nine months of teaching. The average pay of full professors in America was $109,000 in 2009
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America produced more than 100,000 doctoral degrees between 2005 and 2009. In the same period there were just 16,000 new professorships.
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