Salary Disputes

In Moshe Vardi's September 2020 column, "Where Have All the Domestic Graduate Students Gone?," the short but woefully incomplete answer is that the wage premium for a Ph.D. in CS is simply too small to justify foregoing five years of industry-level salary. But why is that the case? Part of the answer may be due to government policy discussed back in 1989, when an NSF document addressed the "problem" of Ph.D. salaries being too high, and suggested as a remedy increasing the pool of international students (https://bit.ly/2IuFZl7). This would swell the labor market, holding down wage growth. "A growing influx of foreign Ph.D.'s into U.S. labor markets will hold down the level of Ph.D. salaries to the extent that foreign students are attracted to U.S. doctoral programs as a way of immigrating to the U.S." But the domestic students would find that the resulting wage suppression would make Ph.D. study a bad choice: "... a key issue [for the domestic students] is pay. The relatively modest salary premium for acquiring [a] Ph.D. may be too low to attract a number of able potential graduate students ... A number of them will select alternative career paths ... by choosing to acquire a'professional' degree in business or law ... For these baccalaureates, the effective premium for acquiring a Ph.D. may actually be negative."