1/Today in @bopinion, I discuss why America has been producing too many PhDs in recent years, and what we need to do to solve the

2/First of all, many people don't realize just how many PhDs we produce! More than almost any other rich country.
3/And we've kept ramping this number up and up.
4/But the problem begins when PhDs start looking for (usually academic) jobs.

https://t.co/M8hhoap12d
5/The U.S. built a ton of universities and then we stopped.

Professors have tenure.

That means there are just going to be fewer new tenure-track jobs than before. Everyone in academia already knows this well.
6/Here's the market for history professors.

https://t.co/sAwByQikS0
7/Here's the market for anthropology professors.

https://t.co/APb5NbB6Np
8/Here's the market for English and foreign-language professors.

https://t.co/rzzuFsoGCT
9/Now, to make matters worse, college enrollment has been flatlining. Even before COVID-19 came along and kicked colleges' butt.

https://t.co/nsbwhqaoYp
10/And colleges, under huge pressures to cut costs, have switched from tenure-track faculty to adjuncts and lecturers.
11/The life of many PhDs after graduation has thus become "adjunctopia" -- or more accurately, Adjunct Hell. Desperately hanging on year after year, hoping for that big break that never comes.

https://t.co/z9GjZkmAhB
12/Of course, PhDs can go into the private sector. BUT, many doctoral advisors push PhD students toward academia. And grad school culture stigmatizes private-sector jobs as failure...
13/Plus, while STEM PhDs and some social science PhDs can often find private-sector jobs in their fields, many humanities and social science fields don't have good private-sector analogs.

This will lead to underemployment and resentment.
14/And social unrest really is a threat here. Dashed expectations can lead to deep rage at the system. And who better equipped to overthrow the system than a bunch of brilliant underemployed people?

https://t.co/HEp0Hf5Egs
15/Some historians, like @Peter_Turchin, have warned that "elite overproduction" is a recipe for unrest.

https://t.co/23VstFoiAd
16/And the insanely shitty job market for PhDs is taking a massive psychological toll.

https://t.co/Mmuovpg3u5
17/So what do we do about this?

For STEM PhDs, we can have the government employ more. A massive expansion of federal research funding is in the works. We should pass @RoKhanna's Endless Frontier Act.

https://t.co/4Nd91Fcejr
18/But for many humanities and social science fields, a big federal bailout simply isn't in the cards. Nor is the private sector prepared to employ ever-increasing humanities and social science PhDs without severe underemployment.

We need to cut back on production.
19/Some universities are already cutting back on production in these fields.

This will be painful but necessary.

https://t.co/iK92UoN6Zd
20/We need a PhD production system that is more in line with new economic realities -- flat or declining college enrollment, cost-cutting, and the end of the 20th century college building boom.

(end)

https://t.co/o36CkgHRlU

More from We need 3 million vaccinations a day 🐇

Bloomberg Ideas conference now starting! I will be live-tweeting it. You can watch on our Facebook or Twitter pages (links below)!


Our first panel is about cryptocurrency! We have @matt_levine, @tylercowen, @eiaine, @nirkaissar, and Camilla

Ou: Crypto will be useful for the unbanked.

Cowen: Crypto has to compete against a bunch of other emerging payments technologies. Bitcoin is too inflexible.

Cowen: I'll bet on the payments companies over crypto.

More from Society

Tomorrow, January 6th, MAGA chuds, Proud Boys, and white supremacists are planned to descend on Washington D.C. to contest the election. Among them will be NSC-131, a New England based neo-Nazi organization. Let's welcome them by saying hi to one of their members, Eddie Stuart!


Edward Stuart, from Chester, New Hampshire, has been a member of Nationalist Social Club (NSC) since the very beginning and is a staple participant in their actions. He is known in NSC chats as "Carl Jung" and is well connected in the New England Nazi scene.
2/


NSC-131 is a neo-Nazi group that was started in Massachusetts in early 2020 by Chris Hood. You can learn more about NSC and it's members in these threads:


Eddie describes his ideology as "Esoteric Hitlerism" which is an occult form of Nazism that literally worships Adolf Hitler as a god, or, specifically, as an incarnation of the Hindu God Vishnu. Here is Ed holding the RigVeda with some of his occult Nazi pals. Interesting Ed!
4/


Much of this ideological insight was gained from Eddie's Twitter, where he originally used his "Carl Jung" persona and reposts explicit neo-fascist content and racist memes. In one edited picture, Eddie can be seen at an NSC event in late June 2020 holding a Nazi Sonnenrad flag
5
This is a piece I've been thinking about for a long time. One of the most dominant policy ideas in Washington is that policy should, always and everywhere, move parents into paid labor. But what if that's wrong?

My reporting here convinced me that there's no large effect in either direction on labor force participation from child allowances. Canada has a bigger one than either Romney or Biden are considering, and more labor force participation among women.

But what if that wasn't true?

Forcing parents into low-wage, often exploitative, jobs by threatening them and their children with poverty may be counted as a success by some policymakers, but it’s a sign of a society that doesn’t value the most essential forms of labor.

The problem is in the very language we use. If I left my job as a New York Times columnist to care for my 2-year-old son, I’d be described as leaving the labor force. But as much as I adore him, there is no doubt I’d be working harder. I wouldn't have stopped working!

I tried to render conservative objections here fairly. I appreciate that @swinshi talked with me, and I'm sorry I couldn't include everything he said. I'll say I believe I used his strongest arguments, not more speculative ones, in the piece.

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