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Though the variety of Ph.D.’s has been climbing steadily, the number of professor positions has remained nearly fixed in most fields, apart from the biomedical sciences and pc sciences. 18 The next R0 signifies that more Ph.D.’s are competing for tenured and tenure-monitor faculty slots, provided that the variety of positions remains constant. For example, R0 = 6.9 signifies that a tenure-monitor unemployed professors position is accessible for only 14 p.c (1 out of 6.9) of recent Ph.D.’s in engineering. Our calculations show that R0 > 1 for all STEM fields, indicating that there are more Ph.D.’s eligible for academic positions than there are openings, assuming no progress within the variety of tenure-observe faculty slots.

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The last decade has seen appreciable concern concerning a shortage of science, know-how, engineering, and mathematics (STEM) staff to fulfill the calls for of the labor market. At the identical time, many consultants have introduced evidence of a STEM worker surplus. A comprehensive literature overview, along unemployedprofessors with employment statistics, newspaper articles, and our personal interviews with company recruiters, reveals a major heterogeneity in the STEM labor market: the educational sector is generally oversupplied, whereas the government sector and personal trade have shortages in particular areas.

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