I believe for these employers a PhD servers as a signal only: somebody who is (super?) smart, has grit and can innovate. Are we not saying “he is smart (because

I believe for these employers a PhD servers as a signal only: somebody who is (super?) smart, has grit and can innovate. Are we not saying “he is smart (because) he has a PhD” all the time? However, I argue there are another ways to achieve similar signs, albeit with lower cost. Winning prestige competitions, interesting and valuable personal projects/work history, high IQ would serve the same purpose without wasting years of your life for something you don’t value (not to mention tons of money, too ;) )