The problem is not finding work for people with a PhD it's wasting the money handing out PhD's to people who don't end up 95% of what they learned in there subjects. The USSR, before it's collapse, had an extremely educated populace. However, while pumping up the numbers of "highly educated people" looks good on paper it did not fit their economy.
To put it simply much of the time higher education is consumption not investment. Overspending on anything be it Roads, Medicine, the military, or Education is simply wasteful. And not just for the teaching staff your taking a large number of talented young people and keeping them fully engaging in the workforce for an extended period of time.
To put it simply much of the time higher education is consumption not investment. Overspending on anything be it Roads, Medicine, the military, or Education is simply wasteful. And not just for the teaching staff your taking a large number of talented young people and keeping them fully engaging in the workforce for an extended period of time.