What is a PhD worth today?

This is a question I ask myself every so often. Good answers are not forthcoming. Let us take a short look at the context of this problem. In the India of today, certain jobs are highly paid: the software industry, banking/finance. One might say that the Indian economy has finally come of age. But the other side to this 'success' is that all other professions are being sidelined. To the extent that it is now increasingly difficult to the point to being impossible for, say a high school teacher to buy a flat in any major city. Forget houses, only the rich live in houses in urban India. Small businesses are being run into the ground by large conglomerates. In effect, much of our nation is being Walmart-ised. The other side of easy, but well paying jobs straight out of college is that the more 'staid' professions, such as 'proper' engineering; just does not have any takers. As a result, our industrial production is dropping in overall quality. And the diversion of trained minds to relatively well paying, but not intellectually demanding jobs (call centres, anyone) is in my opinion the equivalent of the nation shooting itself in the head. The price we will pay for adopting the worst of Western values without thought is that we risk becoming a client state for the powers that be. But coming to the initial topic, what is a PhD worth? State salaries are not too high for research staff. Industrial research is a new beast in India. But in the larger context discussed above, these two articles talk about miscalculations by policymakers and the larger malaise gripping the entire university system, although from the US perspective. Good reading.

1. Don't Become a Scientist!
2. Doc'd - economic disadvantages of graduate education