some food for thought

john bruce on dartmouth: college or university?

The current situation [the overproduction of PhDs] can end with true market information reaching applicants and the graduate enrollment bubble popping, causing extensive retrenchments in graduate programs. Or the current situation can end when someone is able to put together a class action suit alleging systematic fraud among the Ph.D. job market players, misrepresenting career prospects to graduate students and exploiting their cheap labor.