Well, that's where it's a viable investment, right? I'd presume that if the overall amount of PhDs severely drops, then the ones still pursuing them will be doi

Well, that's where it's a viable investment, right? I'd presume that if the overall amount of PhDs severely drops, then the ones still pursuing them will be doing so because it's a clear win on the investment front after factoring in the personal expense of doing it. The same would clearly be true of MDs, some careers just have that requirement.