I have wet dreams( not necessary wet) that I will be a math( or anything) professor at Harvard(or any of the top tier schools). I did some research, and look at the faculty of those top universities. Most of them are rather old. I look at when they got their PHDs, I discovery that in these top universities, they hire a small number( 2-3 in philosophy, or math) of professors every 10 years. I count the number of hires say in the 60s, 70s, 80s, 90s..etc. I compare the number of phds popped out in the 60s, 70s, 80s, 90s...etc. I figure that there is a small chance that those people with phd from a top university will also be hired at a top university. Look at say NYU faculty list: http://philosophy.as.nyu.edu/page/Faculty How many hires happen in the 2000s? Not that many compare to the number of graduated phds from the same university in the 2000s: http://philosophy.as.nyu.edu/page/students In a 10 year period, I would assume there are approx 60 ph.d being generated, and 2 becomes a professor. So any random top graduate student picked will have 1/30( approx) chance of being a professor. There seem to be more graduate ph.d generated than jobs. This means a lot of these phds would have to settle for a non- 1 tier university, or work at the private industry. Both of which generally do not need advance theoretical knowledge. So, you end up with a lot of smart people with a lot of advanced knowledge, but no outlet. Am I right?