@roethlisburger I think the sharing of different views with good spirits is wonderful.
“I think the supply of potential faculty members, newly minted Phds, greatly exceeds the demand for those Phds in tenure track positions.”
True for many fields.
“What are you always saying about supply and demand?”
Not quite sure about what the question is about. But I will try. When PhDs are over-supplied in a field, it puts downward pressure on the “market” hiring salary for those who are on the job market. But this usually has close-to-zero impacts for those who had been hired in the past because they are no longer on the market. Take law professors as an example, the current incoming assistant professors of law are not paid that well because of oversupply. Their average pay is less than that of an average business new assistant professor. But this is not the case for old law full professors who were hired in the 80’ or 90’ and have been staying with the same schools. Their average pay is still higher than old business full professors who were hired in the 80’ or 90’ and have been staying with the same schools.
In many business schools, the pay for an assistant professor is often higher than that for an associate professor because of the strong demand for new blood; i.e, those who have potential to do good research.