The relationship between the business cycle and demand for graduate school is complicated. Some programs have a very strong countercyclical component to their

The relationship between the business cycle and demand for graduate school is complicated. Some programs have a very strong countercyclical component to their demand, and others don't. See http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.648.7093&rep=rep1&type=pdf http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.648... (and section 5 in particular).