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Last week Grace Fernald donned her bulky hearing aid, adjusted her glasses and began her last summer of teaching at U.C.L.A. Now 69, she has retired as professor of psychology but will stay on at the clinic school, using her new leisure to gather up the research strewn about her office, and to expound her theories of education. She believes, among other things, that "there are too many women teachers. They are ruining our educational system."