> one of my younger colleagues at the International Monetary Fund found it hard to get a good job in academia, despite holding a PhD from MIT’s prestigious economics department, probably because her work showed that trade liberalization had slowed the rate of poverty reduction in rural India. While theoretical papers showing that freer trade could have such adverse effects were acceptable, studies that demonstrated the phenomenon empirically were met with skepticism.

You don't automatically get a 'good job' because you've earned certain credentials. IMHO PhDs and other credentials are a dice roll and you could potentially work very hard on your studies for nothing. This is why people research their chosen profession before studying so that, at least, it wasn't all in vain, and even then, the job market could be swayed against you when you've completed your studies.

People also need to look out for credentialism where people are overqualified for positions, or that PhDs etc are not even needed. Sometimes a simple aptitude test can filter out people who will lose you money when you've employed them.