However when you've got the managing parties who have degrees, they seek out justification for their expenditure, through self-seeking-self activities, consciously or subconsciously.
Additionally when grad students are willing to work, and have been trained in the shadow of those who are managing, all the gears in the system work as expected.
The issue comes into play when you've got kids like myself. We are ITCHING to learn, fail to see the benefit in 4 years of learning. And most of all:
We know the fastest way to the bleeding edge of research is NOT through the "tried-and-true" channels. It is most efficiently attained through jumping right into the fray and working with said researchers.
THIS is what will create that innovation that we seek. The degree system simply is the easy answer and a way to continue with the entrenched system, by providing slave labor.