I think that's an excellent description of the market dynamics at play. What I disagree with is the assumed lack of agency on the part of the buyers in the labo

I think that's an excellent description of the market dynamics at play. What I disagree with is the assumed lack of agency on the part of the buyers in the labor market. If the market determines it's not advantageous to pursue a STEM PhD then participants won't. The market is not broken, labor consumers simply need to offer a high enough price to incentivize more participants to acquire the STEM PhD's they desire.