The last two decades have been a turbulent period for American higher education, with profound demographic shifts, gyrating salaries, and marked changes in the economy. While enrollments rose about 50% in that period, sharp increases in tuition and fees at colleges and universities provoke accusations of inefficiency, even outright institutional greed and irresponsibility. As the 1990s progress, surpluses in the academic labor supply may give way to shortages in many fields, but will there be enough new Ph.D.'s to go around?
Drawing on the authors' experience as economists and educators, this book offers an accessible analysis of three crucial economic issues: the growth and composition of undergraduate enrollments, the supply of faculty in the academic labor market, and the cost of operating colleges and universities. The study provides valuable insights for administrators and scholars of education.

Charles T. Clotfelter is the Z. Smith Reynolds Professor of Public Policy, professor of economics and law, and director of the Center for the Study of Philanthropy and Voluntarism at Duke University. He is a research associate of the National Bureau of Economic Research and the former director of the NBER Working Group on Higher Education.