The crisis facing academic economists runs deeper than headlines suggest. Three forces are converging to reshape the profession: first, the traditional authority of economic expertise is eroding—fewer people care what economists have to say anymore. Second, American universities are seeing a sharp drop in enrollment from domestic students pursuing economics programs. Third, and most immediately painful, the job market for economists is collapsing.

It's a perfect storm. The prestige that once insulated the discipline is cracking. Institutions are cutting positions. And the pipeline of new talent is drying up. The real question isn't whether this is temporary—it's whether the market has fundamentally repriced what it values in economic analysis.