There are many problems in the world and it surely needs the persistent efforts of the educated lot to help in the involvement. It surely seems like a great achievement for the society that a lot of people are earning PhD degrees for themselves. A lot of countries, around the world, strongly propagate that higher education and research development are sure shot ways to growth and prosperity are providing means and avenues for doctoral research. So much so is the expansion of doctoral programmes that a wise scholar has correctly stated that, PhD’s are growing like mushrooms.
What would this lead to, this mushrooming of doctors around the world would actually depend upon where it is taking place. Certainly an expansion of these sorts would result in a lot of worthy research taking place. In the growing economies of the world, those with PhD’s would surely find good jobs.
There are certain causes if worry and caution here. With this astounding growth, there is dilution in the quality. More PhD’s mean pulling in less able people into the system of higher academics. The consequence is that a lot of bright PhD holders who are pass out from the most elite of universities is compromising with poorly paid remunerations. The labour market /service sector is finding it difficult to absorb the glut of doctors that are available here. In short, where the doctoral studies are heading around the globe, it is fund centric than capacity of the job market centric.
There is surely some change needed, the government can bring in this change so that the demand can match the supply. We need more seasoned economists so that the wage and employment data can be combed through and doors and openings should be created specifically in areas where there is more demand and lesser supply. These analyses should be encouraged in both developing as well as the developed economies.