[wtvanhest]

There is some demand, that is why they exist at all. Most likely from people who want to study it and don't care about the financial repercussions later. Not all demand is created by rational buyers.

The bottom line is that if the price is low there is high supply relative to low demand. Econ 101 factors are always "at play". While a more advanced econ class may explain more complex pricing concepts, it really isn't necessarily here since this basically a classic econ 101 example.

What is even more interesting is that every time someone graduates with a history PhD they are in a position where they either go in to the field where their low paid professors already work or go to a different job. The ones that don't want food stamps take the second choice.

Those people who decide to sacrifice for the first 3 or 4 years out of the program and take jobs to get experience in a new field which can yield higher pay later will make more than those that stay in low demand history PhD positions in academia.