Harvard has
found a way to shorten the average length of Ph.Ds: For the last two years, the university has announced that for every five graduate students in years eight or higher of a Ph.D. program, the department would lose one admissions slot for a new doctoral student. The results were immediate: In numerous departments that had for years had
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All systems have problems, but the more information is suppressed and the more dodgy the feedback mechanisms, the worse they behave.
Not that government agencies are entirely innocent in the current fun. First, there is the restriction of land supply for housing, then the IMF injecting lots of moral hazard into the international capital markets via its "welfare for Wall St" activities.
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