The fact that Ph.D. holders have the lowest unemployment rate is not at all surprising, given that these people have all undergone extensive selection to be sma

The fact that Ph.D. holders have the lowest unemployment rate is not at all surprising, given that these people have all undergone extensive selection to be smart and hard-working. This would still be the case even if holding a Ph.D. were completely useless, so it’s not really clear how much the unemployment rate is decreased by actually holding the degree.