From the comments — the power of professors

The PhD is a credential that graduate students need, and which the supervising professor uses to hold power over them. Doing away with the PhD as a valuable credential takes power away from professors. That may not bother Tyler, but most professors covet and zealously protect whatever institutional and personal power they can grasp.

That is from Tom Meadowcraft, commenting on my proposal to limit economics graduate study to three years.


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