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ABSTRACT. 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. (pp. 119–137)

JEL: A11, J23, J44, J63, J64

WALTER E. BLOCK
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Loyola University-New Orleans

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