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The Ph.d. Problem: Are We Giving Out Too Many Degrees?
In developed nations, the number of Ph.D.s given in the sciences each year has grown by almost 40% since 1998, reaching about 34,000 doctorates in 2008. This type of expansion sounds great in theory: interest in the sciences is growing, and we now have a population that is more educated than ever.
From Arstechnica
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