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This diagram (which I found here) probably sums up the importance and the frustration of Ph.D. programs better than I can:

http://matt.might.net/articles/phd-school-in-pictures/

I'm ABD, Management, for what its worth.

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Although this is a good representation of a Ph.D. contribution, I don't think this is the point of the current debate. I would be perfectly happy to have made a dent in the knowledge circle and I think it would be worth the sacrifice, from a knowledge perspective. The problem is that you sacrifice a lot to make that dent and you often don't see the benefits (e.g., an interesting job). It's another story for the supervisor though...

...yeah. Who gets to keep the profit from the new territory that the student has conquered, literally risking his life? Who gets to claim ownership (in grant reports)?

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