This book examines three issues that will have a significant influences on all institutions of higher education in the United States: (1) the growth and composition of undergraduate enrollments; (2) the supply of faculty in the academic labor market; and (3) the skyrocketing cost of operating colleges and universities. Part 1 focuses on the demand for undergraduate education, with five chapters addressing the size and significance of such demand, patterns of enrollment and completion, explanations of demand, financial aid and public policy, and implications of recent enrollment trends. Part 2 focuses on the academic labor supply, with five chapters covering projections of shortages, a stock flow model of academic labor supply, decisions to undertake and complete doctoral study and choices of sector of employment, the demographic distribution of doctorates, and policies regarding the flow of new doctorates. Part 3 focuses on costs and productivity in American colleges and universities, with four chapters exploring cost inflation, expenditures, enrollment, and costs per student over time. (Contains approximately 430 references.) (MDM)