What is more valuable: PhD degree or journal publication? Suppose, Mr 'X' has a MSc plus 3y PhD degree and only 2 journal publications.
On the other hand, Mr 'Y' has only an MSc degree and 6  journal publications, 3 text books written, and 3 professional books written.
A university/college calls for applications for a position of lecturer or assistant professor, and these two guys apply.
If all other factors are same, who is more likely to get a position?
You will have to specify which country/system/subject you are talking about.
In the UK a PhD is pretty much a 100% requirement in most subjects. The only exceptions to this are subject where you would be doing vocational training, such as business studies, management, nursing, perhaps even law(?) where an exceptional standing and experience in the field might make up for a lack of PhD. The other big exception is medical school, where you could have an MD rather than a PhD.