PhDs and professors are paid a living wage (though less so over time as federal funding for higher institutions has dwindled). Academia is a carefully construc

PhDs and professors are paid a living wage (though less so over time as federal funding for higher institutions has dwindled). Academia is a carefully constructed system whose incentive structure is based on highly visible explicitly measured citations and reputation. People aren't generally just trying to maximize wealth. They're trying to maximize their sense of personal value, which tends to be a combination of wealth, autonomy, and social prestige. Academics (and some creative fields) tend to be biased towards those who prioritize prestige over wealth.