Since you wanted to keep this in open discussion rather than a private conversation, let’s go ahead and see if your argument works for me. You have a post-graduate degree; I have two so that is pretty much a wash. You have a kid at Harvard, I have one that graduated Phi Beta Kappa from Stanford. Again, pretty much a wash. Do either of those things alone qualify one as having a deep understanding of the workings of academia? No, not even close. So, your argument about the inefficiency of academia largely rests on the fact that you have a couple of in-laws who are apparently satisfied to being mediocre or worse professors. I have a relative who is the ultimate free market capitalist. To him, the CEOs who jacked up the prices of life savings drugs by 1000 percent are brilliant. He votes dead red. I’ve another who does as little in his job in the private sector as he can manage. He voted for Trump because he is young enough that the consequences of his alcoholism haven’t hit him just yet and he doesn’t want to buy health insurance. He just goes to the ER if he needs it, then ignores the bill. Following your argument, having a couple of deadbeat relatives is enough for me to say that the private sector is greedy and/or lazy and that Republican voters are despicable.
If you take offense at that conclusion, you’d be right in doing so, just as I take offense at you damning all of academia based on the evidence you offered. I worked my *** off my whole career. I had 12 years of post-graduate education and training before getting my tenure-track position at the magnanimous salary of $34K/year. I had to be successful in getting research grants to support my lab and the entire salaries or stipends of everyone in it including a good chunk of my own salary, establish a national reputation in research, rate as a good teacher, and contribute ‘service’ work before I could be promoted. If I were merely average or if my chair didn’t like me, I was out of a job. Getting that much research grant funding isn’t easy. Currently the success rate is about 1 in 10 or less for most funding sources. A good grant to the National Institutes of Health might have taken me a month of near full-time work to complete (still had teaching and service work to do and a lab to run). At the height of my career I was bringing in almost 90% of my salary on grants, paying the salaries or stipends of 10 people, running a graduate program in Cancer Biology that I founded with essentially no administrative assistance, and directing the Core course in that program. I think I got about a 2% raise that year, something less than inflation. Benefits? They are no better than any middle management position at a similar sized corporation. I do love research and the possibility of leaving the world better off. I am formally retired but continue to work for free (actually I pay to work since I still have to pay monthly to park a quarter mile from the lab and have one project that I keep afloat by buying reagents out of my own pocket). If successful, new therapies for prostate cancer and breast cancer will result. So yes, for some of us the pursuit of knowledge and the benefit to society does outweigh financial gain. In my experience, what academics accomplished, often on limited budgets, has benefited society and private industry e.g. the entire biotechnology industry that was spawned from what some would have claimed was just another exercise in academic esoterica, the study of why some bacteriophage (bacterial viruses) could infect some bacterial species and not others.
Neither academia or private industry is anything close to perfect but no one is entitled to make blanket condemnations of either, much less those in either sector that contribute a solid work ethic in their chosen profession irrespective of whether their motivation is primarily financial, societal, or simply curiosity about how things work. A thriving society needs all of those.