Anyone who has been around the halls of academia for a while has heard some well meaning soul talk about how we produce too many PhD students for the number of faculty positions, that this is unfair, and that therefore we should take fewer students. The most recent version of this idea on the web goes so far as calling the academic enterprise a Ponzi scheme. I’ve never personally found this argument very convincing. No other area of employment has a degree the guarantees its recipients their preferred job and I think that thinning the pool of potential talent from the scientific fields before it’s really possible to tell who the important thinkers of the next generation might be is bad for science (and all of the things that benefit from it). I’ve never taken the time to really expand on these thoughts, but thankfully James Keirstead over at Academic Productivity has an interesting post up responding to the ideas in the first link. Go check it out.