This article argues that we have too many doctoral programs and not enough jobs for PhDs to fill. That is no doubt true, and it's been true for 50 years.
Most doctoral-education programmes conform to a model defined in  European universities during the Middle Ages, in which education is a  process of cloning that trains students to do what their mentors do. The  clones now vastly outnumber their mentors. The academic job market  collapsed in the 1970s, yet universities have not adjusted their  admissions policies, because they need graduate students to work in  laboratories and as teaching assistants. But once those students finish  their education, there are no academic jobs for them.
Universities  face growing financial challenges. Most in the United States, for  example, have not recovered from losses incurred on investments during  the financial fiasco of 2008, and they probably never will. State and  federal support is also collapsing, so institutions cannot afford to  support as many programmes. There could be an upside to these  unfortunate developments: growing competition for dwindling public and  private resources might force universities to change their approach to  PhD education, even if they do not want to.
There are two responsible courses of action: either radically reform doctoral programmes or shut them down.
 
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