The Market Model and the Growth and Decline of Academic Fields in U.S. Four‐Year Colleges and Universities, 1980–20001

Conventional sociological accounts of the rise and fall of academic fields have been challenged by accounts based on the idea of market‐responsive change. In this article, we focus on the period 1980–2000, the period during which, according to its proponents, the market model of change became dominant in academe. We find changes in the student market to be strongly associated with increased institutionalization of academic fields. We also find the preferences of donors to be associated with increased institutionalization of academic fields. By contrast, we find relatively little support for labor market signals or changes in federal funding priorities as important influences on the institutionalization of academic fields. We find that higher‐status institutions are more market responsive than lower‐status institutions.