Graduate school is basically an extended period of socialization into the conviction that academia is more exalted than just about anything else.
and
many people who have been so socialized have a preference for working in academia so strong that they are willing to forgo lots in salary, benefits, and security in order to secure employment, however tenuous, in academia. The high demand for these jobs, and the large supply of those qualified to do them, creates a competitive buyer’s market for academic labor, bidding down salaries, perks, etc.
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