There was a time, long ago, when the indentured servitude of graduate school made some degree of sense. For a brief period in the 1960’s, there were academic jobs aplenty. At that point, one could argue fairly that an early-career period of material sacrifice would pay off well over time. (That same argument worked for law school until about five years ago, and it still mostly works for medical school.) But that hasn’t been true for a long time. At this point, graduate programs exist mostly to generate teaching assistants and research assistants. When it comes time to try to make an adult living, you’re on your own.
The puzzler, to me, is that the system has survived as long as it has. I’ve seen references to the “forty-year job crisis,” which strike me as self-refuting. After forty years, it’s not a crisis; it’s the way it is.
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