"Research at one American university found that those who finish are no cleverer than those who do not."
This would suggest that the academic thermodynamics are endoknowic. There is a work term but no change in knowledge suggesting that the system (the student) can only get hotter with the process. I suspected that was true for some students at the bachelors level but was surprized that it extended to the PhD.
What I found weird is that this was written in The Economist ... go figure.