bloke wrote:Possibly the job of a person pursuing a Ph.d is to study the works, discoveries, accomplishments, and inventions of those many to whom it never occurred to stop and acquire a Ph.d...
...Funny:
The only thing thing that
really matters in regards to participating in the world of academia is a terminal degree.

As someone with more than 25 years of working experience (mainly in IT management) who is currently pursuing a Ph.D. (in business), I feel somewhat qualified to weigh in on this. What Bloke says may be true in many fields, but it is definitely NOT true in business, science, or engineering. The vast majority of what we study, and what I studied while working on my earlier degrees, were researched and written by people with Ph.Ds.
This leads to an interesting discussion that takes place among academics all the time of rigor vs. relevance. Rigor refers to how "scientific" the approach taken by a particular study was. Was the data captured in an unbiased way, was the analysis statistically sound, does the data support the conclusions. Relevance refers to how useful the conclusions may be in a real world setting.
There is a lot of rigorous research done, that has no direct application in the real world. Even so, much of the research that led to many innovations used in practice were considered irrelevant when first published. The work of John Nash has been used to create hardware and software, and to explain phenomenon that had nothing to do with what he was considering.
I perform my job consciously using only a fraction of what I learned in my earlier degrees, but every day I will suggest something or make a decision that I realize had its roots in something I learned in college. There are things that I do and relationships that I see that I think work due to experience, but I would never bother to try to understand why they work for me, or under what conditions they work or don't work. Academic research allows people the time to consider such things, and some fraction of that work will come back and allow people practicing in their discipline to be more effective.
Universities may not be the most effective way to impart information, or to teach someone a profession, but that's historically not been their objective. The primary goal used to be to teach young people how to have open minds and to think. It's about opening up to possibilities. Only recently have colleges become more like trade schools.
I believe that the arts are somewhat different. It is next to impossible to teach someone to have a creative spark that they don't have. Whether that's in music, or other arts. The best you can hope to do is expose them to a variety of works, and to give them the tools, basic or advanced, of their art, and their talent, and hard work/determination will do the rest.
In either area, the degree doesn't make a person. Someone can have just as much, or more knowledge, and certainly capability without a degree. In business though, having a degree differentiates candidates when coming in the door of a company. I have done a lot of hiring, including with companies that have used multiple levels of behavioral interviews, and case studies and other tests. There is only so much that you can learn during an interview, no matter how long or comprehensive. If 2 people come in and appear to have equivalent skills, but one has a degree and the other doesn't, you know who will get the job.
Somone mentioned a few of the most famous billionaires who didn't have degrees. I think that there is something of the entrepreneurial spirit in those people that would have allowed them to succeed no matter what they chose to pursue. The facts are still that people with college degrees have significantly higher average lifetime earnings than someone with a high school diploma. Of course there are exceptions of people who have been extremely successful without degrees, but on average having a degree does make a difference.
This has changed over the past 100 years. College used to be a very different animal than it is now. A college degree used to be something only a very few people got, so it didn't make as much of a difference. With the number of schools and degreed people out there, one is at a real disadvantage in business without a degree.
None of this means that someone with a degree, or degrees is any better in any way than someone without. It is obnoxious to try to "flaunt" one's degrees, and a piece of paper doesn't mean anything unless someone has the capabilities to go along with it.