The study deals with two topics: the damand for full-time faculty and their wages. In order to construct an index of demand for full-time faculty, the age distribution had to be estimated. The net mobility by five-year age group for the period 1970 to 1975 was determined, and the net mobility was estimated for the period ending in 1985. Two striking findings are documented: (1) the median age of faculty increased by one year between 1970 and 1975, and is projected to increase by four years during the 1975-1985 period; and (2) the net mobility of faculty is expected to decline significantly in the five years ending in 1980, and drop even further between 1980 and 1985 to roughly one-fifth the levels experienced in the first half of the 1970's. Job opportunities for young PhD's can be expected to deteriorate significantly. The extent of this decline in job opportunities portends the loss of a whole generation of potential scholars. The weakened demand has had variable effects on faculty wages, depending on academic rank. (MSE)