I think most grad students towards the end go through a self-examination phase where they really think about whether their motivation for wanting to do this is internal or whether they were just caught up in the popular perception of the monk scientist who nobly advance human knowledge.
In the first place, those two categories are not necessarily mutually exclusive. In the second, there are other kinds: some of the best scientists I know have essentially set up an assembly line: students are plopped on one end of the conveyor belt, papers are chiselled off of them just before the two major conference seasons of every year, and a skilled researcher is boxed at the end of the line and shipped off to a grateful academic or industrial research institution.
The principle scientists are great people, they do excellent work, their students are good and well taken-care-of, and no one really has any reason to complain.
The only down side is that the papers coming out are kind of incremental, given the schedule of publishing at conferences twice a year, and a student that goes in at the top of the machine is going to come out the bottom as a researcher on a particular topic. I have no idea how well they're doing, in aggregate, a few years after graduation.
Whenever someone points out that I wasted numerous years of my life with nothing to show for it but a low salary history, I have to admit that I absolutely do not regret getting a Ph.D. I loved the work, and I loved the process of doing the work. I'd do it again (if I didn't have to pay for it again---I worked full time during grad school, which I recommend no one do).
So, yeah, don't go for a Ph.D. in computer science unless you absolutely cannot not go for a Ph.D. in computer science. And then, don't expect it to pay off in any way.
That's your Achilles heel. Beware!
On a personal level, it's pretty terrible. If you do decide to leave academia, there are plenty of opportunities for smart, committed people. I bailed on a PhD program shortly after starting my dissertation, and having Ivy-league graduate work on my resume has opened a lot of doors.
No, you don't get it. There is tons of funding. But academia is a corrupt old-boys network. Those petty, conniving people rise to the top and ultimately control the system.
- A grad student (who regrets going to grad school)
So in my opinion, "catalyzed by tragic lack of funding" (note "catalyzed", not "caused") is a pretty accurate description.
I'd have to agree with this. With the possible exception of the cold war, in certain fields, there is more now than any time historically. Before WWII, "professional scientific research" was a pretty rare thing; certain large companies did it (out of which comes the "applied" and "pure" distinction in many older fields, I believe) and certain educational institutions (but most were essentially teaching gigs with a spare closet for lab space).
Now, there's lots of money, but lots of faces feeding at the trough, too. And lots of reasons why breeding more scientists who subsequently starve isn't going to stop.
Edit: Just for transparency (topical!) I did not downvote you, and totally agree that cronyism is a major (and yeah maybe causative) issue, but I also think the decision on how to fund is basically an entirely separate problem which really doesn't have an obviously good solution (in my mind).
You can't set up academia as a soviet-style bureaucracy and expect it to perform any differently from a soviet-style bureaucracy.
What I do find disturbing is the trend to push University research towards immediately commercially viable stuff. Industry would/should do this stuff anyway.
I'm in the latter half of a PhD. I love it. I work insane hours entirely out of my own choice, because it is the most rewarding and enjoyable thing I've ever been a part of.
The idea that I've found something that I love, that is challenging, that (I hope) I'm relatively good at, and that has a definite net positive good for us as a species/society, yet I may not be able to pursue this long term because of the immense challenges facing academia as a whole (catalyzed, I would argue, by tragic lack of funding) is really concerning, on both a personal and a societal level.