Reasons Not to Pursue a PhD

Research increasingly shows that a PhD is NOT economically advantageous to most graduates. In fact, pursuing it may well waste the most productive, energetic years of a person's life. Mr. Stolyarov discusses why a PhD education may be a consumption good rather than an investment good, and why entrepreneurship and more tailored certification programs are more suited in today's uncertain economic climate.

References:

"The disposable academic: Why doing a PhD is often a waste of time" - The Economist - http://www.economist.com/node/17723223?fsrc=scn/tw/te/mr/academic

"The economic contribution of PhDs" by Bernard Casey - http://www.universityworldnews.com/filemgmt_data/files/JHEPM_Casey.pdf

"No Jobs? Young Graduates Make Their Own" - The New York Times - http://www.ndtv.com/article/world/no-jobs-young-graduates-make-their-own-72468

"The Effects of the Economic Crisis on Young People" - by G. Stolyarov II - http://consultingbyrpm.com/blog/2010/07/the-effects-of-the-economic-crisis-on...

"Commonly Misunderstood Concepts: Education" - Video by G. Stolyarov II - http://www.youtube.com/watch?v=rKbDSEKBn-I

Category:

Education

Tags:

• phd
• graduate
• school
• higher
• education
• job
• market
• economy
• crisis
• young
• people
• unemployment
• employment
• work
• academic
• academia
• college
• university
• scam
• pyramid
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• slave
• labor
• money
• economics
• economic
• benefits
• costs
• knowledge
• learning
• certification
• hire
• professor
• teacher
• instruction
• advantages
• disadvantages
• career
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• disposable
• low
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• philosophy
• jobs

[userjhu]

The fact that there are PhDs means there is a reason for them to exist. There are many more of them than let's say 50 years ago, but this is better for society as a whole. The same applies to master's and bachelors. The society is much more educated these days than in Middle Ages, no doubt. 

[GStolyarovII]

@userjhu While our society is more educated than in the Middle Ages, I strongly suspect that formal education has little connection to genuine dissemination of knowledge throughout the society. Consider that virtually all great intellectual transformations – particularly the Renaissance and the 18th-century Enlightenment – took place outside the framework of universities, which were generally quite ossified and resistant to change.

[GStolyarovII]

@userjhu In my view, university degrees are mostly a “signaling” mechanism for people to use in order to concisely demonstrate pre-existing talent, intelligence, persistence, and related virtues. The value of these individuals is genuine, but correlation is not causation. Simply because most such people happen to obtain certain degrees in today’s societal structure, does not mean that those degrees themselves conferred upon them the valuable attributes.

[GStolyarovII]

@userjhu To be clear, I do not doubt that there is some educational value to be gained in some university programs, but there is currently an oversupply of university attendees – leading to the quality being “watered down” and the earnest students being expected to serve more time in order to differentiate themselves from the typical crowd.

[userjhu]

I listened to this neat guy with a nice tie and made up my mind advising people not go into bachelors' or PhDs.

After all, you can learn the skills on the job and why waste 4-10 most productive years?

Similarly, why go into high school???

Why go into college and "waste" time, get into debt etc. when you can work and make money right away at some factory or business!

He supports Ron Paul in another video. They both like the idea of putting Americans from high skilled jobs back to factories.

[GStolyarovII]

@userjhu In terms of economic potential, high school and undergraduate college are likely to improve one’s prospects in today’s world (although they are both highly sub-optimal systems today and could be run much less expensively and with far greater quality). My argument here is that earning a PhD does not, in many cases, result in economic value added; a PhD is a consumption good, not an investment good. Those who want to pursue it knowing it be consumption – I have no problem with.

[frajirek90]

PhD is for love of science not for earnings

[GStolyarovII]

@hedonism13 By "sell-out" do you mean that I actually make enough money to support myself and my family in a decently comfortable lifestyle -- while trying to look and act respectable in the process? If so, then I would fit that description, but I find the term a rather superfluous one, because there is a much better term for the same attributes. That term is "professional".

[mochafudgetruffle]

Many (if not most) employers will not hire PhD. Employers will tell them they are "over qualified". Over qualified is dangerous - it means you might be unemployed for a very long time, unless you knock the advanced degrees off your resume. Many employers are jealous of those who have higher education, its a FACT, a very sorry one, but a fact nonetheless.

[NEDMKitten]

@userjhu Good luck learning Chemical Engineering on the job...

[MrShahenshah1]

sorry, the true quote seems like this: The mind is its own place, and in itself, can make heaven of Hell, and a hell of Heaven. thx.

[MrShahenshah1]

If you don't need the rain now, don't curse the clouds. If you don't need the sun now, don't curse the light. Your level of optimism or pessimism, both are magnetic: and seek the similar forces around you. "a mind in its own place and in itself can a heaven of hell or a hell of heaven - Milton". And if you find no way out, Pray to GOD for the way out, for there is really no way out except by His Mercy.

------------------------Mr. Shahenshah

[gen6k]

@gen6k if PhD is a consumption good, which is seems like it is solely because 1. people don't know how to "aim" or work "in concerto". (thesis on american indians or some worthless bull) 2. the education system is mind numbing with arbitrary directionality (math for no fundamental reason until its too late to notice)

[coacha2008]

You might want to type "phd and employment" on youtube. It should help you to understand what the "reality" really is. The problem isn't PHD training but the number of students who "think" PHD=job..

[coacha2008]

Hmmm, you might want to reevaluate your thoughts man...