“We see clearly why the State needs the intellectuals; but why do the intellectuals need the State? Put simply, the intel lectual's livelihood in the free market is generally none too secure; for the intellectual, like everyone else on the market, must depend on the values and choices of the masses of his fellow men, and it is characteristic of these masses that they are generally uninterested in intellectual concerns. The State, on the other hand, is willing to offer the intellectuals a warm, andre, and permanent berth in its apparatus, a secure income, and the panoply of prestige.” —Murray Rothbard (For a New Liberty)
Discussion
This is exactly it. Academia is a make work program for smart people, as are government research agencies. The median number of readers for a peer reviewed paper is 2 and the median PhD publishes zero papers.
It's an enormous grift and I think people are starting to figure it out. US college enrollments have been declining for seven years now.