54% of Japanese PhDs unemployed, 46% just plain stupid

[Taro Toporific]

Ministry: Too many PhDs can't find suitable jobs
Yomiuri Shimbun / July 19
The rapid increase in the number of people who have obtained a doctorate but cannot find stable employment has prompted the Education, Science and Technology Ministry to study the problem to see what can be done to broaden job prospects for such people....
Ministry statistics show that the number of PhD-holders has increased 10-fold over the past 10 years. ....
The employment rate of PhD holders in 2003 was only 54.4 percent...

[Cubed]

This doesn't surprise me.

The stats for the UK are very similar, if not worse. The US won't be much different. It's a travesty of supply and demand, as demand for PhD holders has remained constant or even dropped and supply has gone up.

Therefore there's only two ways of tackling the problem, increase demand for PhD holders' skills or decrease the number of PhDs being awarded, and both options are practically unworkable.

The "blame" lies almost certainly with companies who have sought to undercut the market rate for qualified people's skills be outsourcing work to cheaper countries. From a quarterly share price perspective, this appears to make sense as it cuts costs short term. Long term it erodes core competence, disenfranchises the workforce and sucks money stright out of the economy.

My advice for the PhD holders, "Welcome to capitalism, enjoy your stay".

[plaid_knight]

The "blame" lies almost certainly with companies who have sought to undercut the market rate for qualified people's skills be outsourcing work to cheaper countries. From a quarterly share price perspective, this appears to make sense as it cuts costs short term. Long term it erodes core competence, disenfranchises the workforce and sucks money stright out of the economy.

I'll give this one a "+5, Insightful".

[Cubed]

I'll give this one a "+5, Insightful".

Haha, you've seen straight through me. Well, next time, you can!