Ok, so basically, the author is saying that you can spend the prime working years of your life living on a small stipend, in exchange for a 20% chance of a middle class salary when you're 40. Let's assume the worst, that tenured professors work like retirees. This amounts to getting five people to work for one-fourth pay in exchange for allowing one of them - just one - to retire 25 years early. Who's being scammed, again? ;-)(In reality, everyone is motivated by the pursuit of knowledge, and maybe a little by the pursuit of fame, including underpaid grad students, and tenured professors, and even the actual retirees (emeritus professors) who often keep working.)
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