I've been doing a lot of analysis of organizational decline over the past month, and what characterizes R&D (including academia) is extreme convexity: http://michaelochurch.wordpress.com/2013/03/14/gervais-macle... Convexity pertains to the shape of the curve for output (profits, value added, impact) per input (investment, skill, effort, and just plain luck). It pertains to desirable risk behavior (convex => seek ris…
Hmm, I think the problem is slightly different. The job of a tenured professor in 1980 was pretty sweet. Upper middle class salary, great job security, a soap box from which to influence impressionable minds, freedom to pursue intellectual interests, etc. Naturally, as with any career track that looks pretty sweet, people rush to enter the field. Thus the great numbers of grad students. There are basically three ways…
You're sort of right, but we aren't deliberately weeding out people.
This year, I was on the hiring committee for a tenure-track mathematics hire in my academic department. The job market is extraordinarily competitive this year, and sucks rocks for candidates. It follows that we were able to hire somebody truly outstanding.