In Moshe Vardi's September 2020 column, "Where Have All the Domestic Graduate Students Gone?," the short but woefully incomplete answer is that the wage premium for a Ph.D. in CS is simply too small to justify foregoing five years of industry-level salary. But why is that the case?
Part of the answer may be due to government policy discussed back in 1989, when an NSF document addressed the "problem" of Ph.D. salaries being too high, and suggested as a remedy increasing the pool of international students (https://bit.ly/2IuFZl7). This would swell the labor market, holding down wage growth. The foreign students would receive nonmonetary compensation in the form of a green card:
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