Student Demand and the Supply of College Courses

From a recent Jacob Light paper:

In an era of rapid technological and social change, do universities adapt enough to play their important role in creating knowledge? To examine university adaptation, I extracted the information contained in the course catalogs of over 450 US universities spanning two decades (2000-2022). When there are changes in student demand, universities respond inelastically, both in terms of course quantity and content. Supply inelasticity is especially pronounced in fields experiencing declining demand and is more pronounced at public universities. Using Natural Language Processing, I further show that while the content of existing courses remains largely unchanged, newly-created courses incorporate topics related to current events and job skills. Notably, at selective institutions, new content focuses on societal issues, while at less selective institutions, new content emphasizes job-relevant skills. This study contributes uniquely to our understanding of the supply-side factors that affect how universities adapt to the rapidly evolving landscape.

John Cochrane offers comment as well, the first half of the post is interesting on demographics also.