20 Pages Posted: 3 Nov 2008
Date Written: October 23, 2008
The academic market for Ph.D. economists in academia works like any other semi heavily regulated market with a large element of government ownership and with large time lags in supply: there are shortages and surpluses, but these tend to be self correcting, with enough time allowed for adjustments. Contrary to the claims of some, there is no such thing as a chronic glut.
Keywords: oversupply, academic market, market process, glut, Austrian economics
JEL Classification: A11, J23, J44, J63, J64
Suggested Citation: Suggested Citation