“Moreover, since research professors must have graduate students, every major department must have its own PhD. program whether or not its graduates have any hope of finding jobs. The authors cite a telling statistic: between 2005 and 2007, American universities awarded 101,009 doctoral degrees but in those years created just 15,820 assistant professorships. Few graduate students have any realistic hope of pursuing careers in the fields in which they are being trained. Many of these redundant PhD.s wind up driving taxicabs or managing restaurants, but many are also recruited back to campus as adjuncts to teach courses for a fraction of what tenured professors are paid. The authors estimate that 70 percent of all college teaching is performed by adjuncts, graduate assistants, and other non-faculty personnel.”
Seriously, anyone considering a graduate degree, especially in the Liberal Arts, should read this.