It’s causally related. How valuable is a grad student/career academic to society? How much are they worth to an institution? At some point, people have to get paid what they’re worth.
It’s an obvious point, but how much value a profession adds to society and how much money a profession can extract from society are not 1:1 translations.
A hot teenager with rich, connected parents can make more in a month selling diarrhea tea to high school kids on the internet than most k-12 schoolteachers.
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