Futility of doing a PhD

In a recent Panel Discussion on 'Management Education in Kerala, India' organised by the Kerala Management Association, I made a remark as a Panel Member that I find management teachers with a PhD degree adding less value to students in comparison to those without a PhD degree. As an Academic Administrator, I tend to recruit teachers with MBA, industry experience, ability to conceptualise and ability to engage in a discussion over those with a PhD degree. And I discourage bright candidates entering the academic world to not waste their time doing a PhD. Presently, there are enough self financing management institutes in the country that will recruit one if you are bright though you may not hold a PhD degree.

PhD is a drain of 3 to 4 years of time of a student and a guide which add very insignificant incremental capabilities in becoming a better teacher or a researcher.

I happened to read this Economist article of 2010 recently. I quote:

"Dr Schwartz, the New York physicist, says the skills learned in the course of a PhD can be readily 
acquired through much shorter courses."

Though the reasons put forward are different, Economist also indicate the futility of a PhD degree.

The disposable academic