[Excerpt] The plan of this study is as follows. In the remainder of this chapter, some background data are presented on the academic labor market and new Ph.D. production in the United States. Chapter 7 describes a schematic model of academic labor supply and indicates the underlying trends since 1970 in a number of variables that contribute to projections of shortages of faculty. In Chapter 8, a general model of occupational choice and the decision to undertake and complete graduate study is sketched. This framework, available data, and the prior academic literature are then used to address students' choice of college majors, decisions to undertake and complete graduate study, decisions on the time it takes to complete Ph.D. programs, and decisions on choices of sectors of employment for new and experienced Ph.D.s. Chapter 9, addresses issues relating to the age structure of the faculty and retirement policies as well as minority and female representation in academe. Finally, Chapter 10 considers whether a shortage of American Ph.D.s would really matter and/or could be eased by increased reliance on foreign students trained in the United States, faculty currently employed in foreign institutions, and faculty without doctorates. It also briefly summarizes the implications of the study for both future research needs and public policy.