Sometimes it is, and sometimes it is a hindrance.
Two stories (one I heard today) and one from my book.
company hired a Ph.D. to solve the problem of ensuring a soap is placed
inside the box. He in turn hired a team and implemented laser to detect
empty boxes and used a robotic arm to move the empty box away. A worker without a high school certificate used a $50 fan to blow off the empty boxes.
A Ph.D. advised us to exit the market with many, many valid arguments in 2009 (not 100% sure but seemed so from the current version) and in the later editions.
book lists 10 hints and the most important one is to use technical
analysis (simple and free). Even with some false alarms, all should stay
in the market.
The Ph.D.'s book is a best seller and mine is a drop in the bucket comparatively. Real story