What the oversupply of social science PhDs means for universities

A few weeks ago I had written about the central challenge that economics faces. This is to go from analysing scarcity to analysing abundance.  Ironically, a small but important subset of this is the persistently deficient demand for the world’s supply of economists, defined as those with PhDs. The market in question is the academic market. Recently, I was told that barely a quarter of the economists who came on the academic job market last year found jobs. This year there will again be a fresh supply of economists to add to the ones who didn’t find jobs last year. .....

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