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| An illustrative picture of a PhD. It is meant to be a little funny. A library card, knowledge and theoretical understandings can help. Scientific breakthroughs often come from unique perspectives. |
PhDs and researchers are essential for advancing innovation and ensuring that industry stays competitive. However, pursuing a PhD comes at a significant personal and professional costs. Many individuals dedicate over a decade of their lives to higher education, often delaying financial stability and family development. Only a fraction of those who begin the journey actually complete it—and even then, the job market can be challenging. To strengthen national competitiveness, we might consider how to both increase the number of PhDs and ensure that they find meaningful opportunities to apply their expertise toward improving society.
Not Enough Talent
If we seek to remain globally competitive in science and innovation, we must cultivate more PhDs and advanced researchers who can transform new ideas into practical solutions. Earning a PhD requires immense discipline and grit, yet many qualified candidates face barriers rooted in elitism—where pedigree and institutional reputation outweigh actual ability and potential contribution. In a rapidly evolving digital and AI-driven world, innovation depends on opening the restrictive gates that limit access to advanced education and future research. However, expanding access is only half the battle; we must also ensure there are sufficient opportunities for these scholars to use their skills productively. Otherwise, they will gravitate toward roles that benefit private organizations more than society at large. Many companies already rely heavily on foreign PhDs to sustain their developing operations.
Compensation and Retention
Contrary to popular belief, most PhDs are not wealthy. Their career paths differ greatly from those of medical doctors (rich third cousins!). Even after years of study, many struggle to secure tenure-track positions at universities. Those who do often face long hours, high competition, and modest compensation that can lead to burnout. As a result, some leave academia for industry roles that offer better pay and stability. The issue, therefore, is not just producing more PhDs—it’s also about retaining them in research and higher education, sectors that are currently shrinking and facing funding challenges (maybe industry can help with that.). Most people pursue a PhD out of passion for learning and teaching rather than financial reward. The work may not make one rich, but the satisfaction of helping others achieve their goals through education or furthering society's interests can be deeply rewarding.
Barriers to Research
Even when there are enough PhDs, funding for research is often limited or distributed inequitably. Sometimes that makes sense and other times it impacts research development. Paradigms lost. Institutional prestige frequently determines who receives grants and recognition. Yet history shows that groundbreaking discoveries often come from those outside elite circles—individuals with hands-on experience and unconventional perspectives. Many transformative innovations originated not from the “tippy top,” but from those just below, who possessed both insight and determination despite limited means.
One idea worth considering is self-funded research. While impractical in fields requiring substantial capital, it can be feasible in other disciplines—such as certain areas of economics or social science—that demand more creativity than cash. Starting a small business, conducting independent research, fostering academic-industry development, and maintaining intellectual freedom can allow PhDs to create their own opportunities and contribute in new ways where they may have been redireced before. This approach has challenges, but it also offers the potential to make discoveries that traditional funding mechanisms might not support until a clear breakthrough is made.
Looking Ahead
The challenges of producing enough high-quality PhDs, employing them effectively, and supporting their research will not be solved overnight. Multiple interests and stakeholders complicate progress, meaning that change often occurs only when competitive pressure demands it. For many of us, earning a PhD is not just a career decision—it reflects who we are. The pursuit of knowledge and meaning can take many forms, whether through academic research or practical work as a business owner, tradesperson, or innovator. There are many ways to research and development. Ultimately, maximizing national human capital means creating pathways. If the supply is not sufficient or subpar then you have to rethink the process and the outcomes.
The other route would be to get a library card and a list of books and start reading. Some of the best hours of life are in a library with a cup of coffee. Lost human capital might not be particularly helpful to society but $15 for a library card can go a long way in your whole person development.
2024 Survey of Learned Doctorates
Gaining or Losing PhDs, Industry-Academia
*Pools of research from industries, tax free, managed by a group of practioner-scholars, could be used to foster genres of research for industry or societal problems. For example, it may be possible to have companies within a cluster donate to a R&D fund that focuses on industry/cluster challenges or use a similar approach to academic-industry issues. i.e. funding general types of problems industries face.
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