By the time you reach the end of this staircase—that is, you earn a Ph.D.—you’re possibly intellectually breathless, what with the massive number of books and journals you’ve had to surmount to get to the top.
Between 2005 and 2009, American universities cranked out more than 100,000 doctoral degrees.
In the same period, however, there were just 16,000 new professorships. So, what happened to the rest of the newly minted doctorates? They probably realized they’d wasted some, if not all, of their time.
h/t: THE ECONOMIST