You're right that the orange man has been a big factor, but not because of his effect on the stock market. The stock market isn't the economy, and most Econ PhDs are not working on modeling stock prices.
As the article indicates, a huge portion of the market for hiring PhDs is directly or indirectly dependent on federal funding. Universities are freezing hiring and reducing PhD cohort sizes, institutions like the IMF and World Bank are in crisis, and US government agencies have been reducing staff sizes. There was hope that the tech industry would provide another big source of jobs for PhD economists, but that hasn't panned out.
Source: the article, and my wife works in the UChicago economics department.
In the end, the need for a certain job sector drives demand. Its the same reason a new grad in CS in US could go get a six figure salary, because everyone was racing to monetize the web.
PhDs werent dealing with stock prices either. Nobody was trying to predict the stock market. The goal was to price volatility and sell volatility to the end party that would actually roll the dice.
As the article indicates, a huge portion of the market for hiring PhDs is directly or indirectly dependent on federal funding. Universities are freezing hiring and reducing PhD cohort sizes, institutions like the IMF and World Bank are in crisis, and US government agencies have been reducing staff sizes. There was hope that the tech industry would provide another big source of jobs for PhD economists, but that hasn't panned out.
Source: the article, and my wife works in the UChicago economics department.