…As we know it.
So goes the title of this NY Times op-ed.
Most graduate programs in American universities produce a product for which there is no market (candidates for teaching positions that do not exist) and develop skills for which there is diminishing demand (research in subfields within subfields and publication in journals read by no one other than a few like-minded colleagues), all at a rapidly rising cost (sometimes well over $100,000 in student loans).
Of course, the article focuses its argument more to the system within the university itself, such as the manipulation of graduate students (“simply cheaper” than full-time professors), the sheer number of faculties and division (“research and publication become more and more about less and less”), and lack of training (“most graduate students will never hold the kind of job for which they are being trained”).
The last bit, especially, sounds like what I mentioned about here, that the relevance of certain faculties/specialization are questionable when the students move on to the “working life”.