From my reading it seems like the crux of the argument is this:
> We’ve presupposed a scenario in which there really is a massive oversupply of PhDs, and thus PhD students must be irrational for treading into an oversupplied labor market. But that’s simply not true. PhD “oversupply” is just a euphemistic way of talking about the fact that colleges and universities haven’t met student-generated demand with a commensurate supply of full-time, tenure-track faculty.
PhDs aren't irrational for wasting 5 years on something that won't net them a job... universities are shirking their responsibility to provide a job to those who demand them.
> We’ve presupposed a scenario in which there really is a massive oversupply of PhDs, and thus PhD students must be irrational for treading into an oversupplied labor market. But that’s simply not true. PhD “oversupply” is just a euphemistic way of talking about the fact that colleges and universities haven’t met student-generated demand with a commensurate supply of full-time, tenure-track faculty.
PhDs aren't irrational for wasting 5 years on something that won't net them a job... universities are shirking their responsibility to provide a job to those who demand them.