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This analysis applies as well to the professoriate. The incentive structure for US faculty encourages individual professors to be entrepreneurial in pursuing their academic careers. They need to publish in order to win honours for themselves and to avoid dishonour. As a result, they end up publishing a lot of work that is more useful to their own advancement (lines on a CV) than to the larger society. Also, following from the analysis of the first problem I introduced, an additional cost of this system is the large number of faculty who fall by the wayside in the effort to write their way into a better job. The success of the system of scholarly production at the top is based on the failed dreams of most of the participants.
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