<p>“The best PhDs can do the work of 100 BS holders”</p>
<p>Defies logic. </p>
<p>A Ph.D. is not the “next step” in the “academic ladder”. Like Boneh3ad explained, it simply unlocks specific, specialized jobs; those jobs may or may not be interesting, rewarding, etc. In many cases, one may do Ph.D.-grade work (professionally or as a hobby) provided certain specific conditions are met (say, you want to dabble into theoretical physics? Find pencil and paper and get to work).</p>