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August 31, 2018 02:01 pm

Popular College Majors Changed Abruptly After the Financial Crisis

An anonymous reader shares a report: Ten years have passed since the 2008 financial crisis, and the effects linger. For one thing, the crisis produced a significant shift in American higher education. Scared by a seemingly treacherous labor market, since the downturn college students have turned away from the humanities and towards job-oriented degrees. The humanities were humming along prior to 2008, according to an analysis by the Northeastern University historian Benjamin Schmidt. Over the previous decade, disciplines like history, philosophy, English literature, and religion were either growing or holding steady as a share of all college majors. But in the decade after the financial crisis, all of these majors took a nosedive. The popularity of the history major is an illustrative example. From 1998 to 2007, the share of college students graduating with a degree in history averaged around 2%. By 2017, it had fallen closer to 1%. (All data in this article are based on reports that colleges submit to the US Department of Education.) Other humanities majors saw a similar fall. "Declines have hit almost every field in the humanities... and related social sciences," wrote Schmidt in the The Atlantic. "[T]hey have not stabilized with the economic recovery, and they appear to reflect a new set of student priorities, which are being formed even before they see the inside of a college classroom."

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