The NSF study projected a shortfall of 675,000 scientists and engineers without considering the future demand for such individuals in the marketplace. It simply observed a decline in the number of 22-year-olds and projected that this demographic trend would result in a huge shortfall. This could be termed the supply-side theory of labor market analysis. But making labor market projections without considering the demand side of the equation doesn't pass the laugh test with experts in the field.
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