Is a PhD valuable\marketable?

While this comment is admittedly off-topic, I think it nevertheless bears mention that regarding certain social sciences - specifically economics and business (insofar as business is a social science) - the demand for academic positions clearly outstrips the supply. Anybody obtaining a PhD in economics or business from even an average program will likely receive an academic job offer if they want one. Granted, it might be a non-tenure track position at a low-ranked university in an unglamorous location, but nevertheless you can almost certainly get one if you want it. Even if you don’t, there are plenty of banks, consulting firms, and government agencies who employ armies of economics PhD’s at well-paid positions.

To quote Noah Smith: “If you get a PhD, get an economics PhD …In an America where nearly every career path is looking more and more like a gamble, the econ PhD remains a rock of stability.” Indeed I would actually slightly disagree with Smith and say that a PhD in business is actually even better than an economics PhD.

http://noahpinionblog.blogspot.my/2013/05/if-you-get-phd-get-economics-phd.html