"There’s another important difference. The problem in the early 70s was one of Ph.D. oversupply. Compared to later figures, jobs were plentiful; there were simply too many job-seekers. What changed in 2008 was not the number of doctorates, however, but the number of TT jobs. Ph.D. production has been essentially unchanged since the late 70s (an average of 78 per year in the 80s, and an average of 75 per year in the 2000s). Nor is it the case that Ph.D. production is outstripping the growth of undergraduate enrollments; undergrad enrollments rose over 40% between 1999 and 2010."