When it comes to research maximum output is maximum well being for society (assuming the research isn't garbage, looking at you large parts of the humanities de

When it comes to research maximum output is maximum well being for society (assuming the research isn't garbage, looking at you large parts of the humanities department) because that research drives productivity increases through multiple avenues. This is true because the effect of research is usually broadly applicable (i.e. a more efficient engine can save trillions in fuel and environmental damage) while the costs of overwork are concentrated on a very few that are self selecting for that lifestyle. That most of the results of hard work go to the business owner is a result of capital being scarce while labor is more likely to not be right now (this is changing but it is a slow process). This is definitely true of academia with massive phd overproduction. If you want more benefit to accrue to phds you need to end the pyramid scheme that has been massively overproducing phds for decades or create broader non teaching/research demand for phds (ideally real demand, not manufactured credential requirement inflation because that causes massive dead weight loss)