The econ academic job market is where Ph.D.'s from 75-ish ranked departments can routinely get tenure track jobs, while students from top-10 departments see any job outside of a top-30 school as an underplacement. There are around 1,800 job openings for roughly 1,500 applicants—compare that to 700-800 history jobs each year for 1,600 applicants, counting current postdocs. And that doesn't even take into account the 50-100% salary gap between the two fields.
This has been true for many years now, so the fact that we haven't seen a massive rise in econ Ph.D.'s (or a massive decline in other fields) strongly suggests that the academic job market really doesn't self-correct, and perhaps may never reach equilibrium
