> the number of awarded PhDs is larger, and therefore the number of Nobel prizes awarded per PhD is lower [..] I don't know what that tells about an average PhD vs average PhD then or 'standards of the field'.
I don't think it's about Nobel prizes per PhD, the article mentions neither the word 'Nobel' nor 'prize'.
> "From 1900-1999, the U.S.’s production of academic doctorates increased a hundredfold, while its population increased by 3.5 times—that is, almost thirty times more PhDs per capita"
That's the issue: Why are we dishing out far more PhDs - and I'm guessing also all other types of academic qualification - per capita than we were before?
Hypothesis #1: We're all getting smarter!
Hypothesis #2: The value of the qualification is dropping...
In the immortal words of so many professors: "discuss" ...