I have been arguing for years that America has oversold higher education. In today’s Pope Center piece, Gary Jason of Cal State–Fullerton argues that one aspect of that is our “pointless proliferation of Ph.D.”
He contends that with better information on the career prospects for Ph.D. holders, the demand for that credential would start to decline. I suspect he’s correct. Look at what has happened to law-school applications in recent years as word has gotten around that just having a J.D. doesn’t ensure high-paying legal employment.