While Supply of Tenure-Track Jobs Plummets, Demand Rises

What a weird way to phrase this. Demand comes from those with roles to be filled. Supply is the pool of people with the training/expertise.

Demand for such people has dropped (totally predictable, if every year new people are hired, then demand will drop as current age of extant professors lowers), while people continue to pursue PhD’s in economics with nearly all of them (94%) looking to become professors.

It’s like there’s a group of people who don’t understand supply and demand.

Not everyone can be a professor. I’d even argue that damn few can, in any subject, because it’s a pyramid - you need few instructors because they teach many students (I say this with teacher siblings and being a technical instructor). Very few of us are needed.