The PhD system is a Ponzi scheme. First and foremost, a PhD program trains one to become a professor. During a professor career, one is expected to graduate 5, 10, 20 PhD students. It is mathematically impossible for the majority of these students to find a professor job. The explosion of higher education, internally and globally, masks the problem to some extent, just like a good old fashioned Ponzi scheme appears s…
"It is mathematically impossible for the majority of these students to find a professor job."
Assuming that PhD's are 'smart' people, I would gather they understand all of this.
And of course 'prof' is only one role for PhD's in the world.