NO OVERPRODUCTION HERE. Alas, no Malthusian cycles of demand outstripping production, either. Market Power provides a link to an annual Survey of the Labor Market for New Ph.D.s in Economics by the Center for Business and Economic Research at the University of Arkansas. It's a survey, with the usual low response rate for such things, but responding institutions in the 2005-2006 survey (as .pdf) reported that 91.7 % of their Ph.Ds found employment, with about two-thirds of them landing academic jobs. About three-fourths of the academic departments will stop the tenure clock for new mothers; half the departments have a similar policy for adoptions.