Recent speculation about the ''overproduction'' of PhD's has overlooke
d the long-term stagnation in doctorates relative to bachelors' degree
s and in doctorates granted to American citizens. PhD programs have fa
iled to develop the flexibility needed for articulation with nonacadem
ic careers due to departmental sovereignty, a queuing pattern of deman
d, the quality imperative, and institutional sponsorship. The PhD toda
y represents too much training for many potential students, yet it is
too little training for its traditional markets. Hence, a more segment
ed structure for graduate education ought to be explored.