Why Is The Academic Job Market So Weird?

Bret Devereaux writes here about the oddities of the academic job market. His piece is comprehensive, and you should read it, but short version: professors are split into tenure-track (30%, good pay and benefits) and adjunct (50%, bad pay and benefits). Another 20% are "teaching-track", somewhere in between. Everyone wants a tenure-track job. But colleges hiring new tenure-track faculty prefer newly-minted PhDs to even veteran teaching-trackers or adjuncts. And even if they do hire a veteran teaching-tracker or adjunct, it's practically never one of their own. If a teaching-tracker or adjunct makes a breakthrough, they apply for a tenure-track job somewhere else. Devereaux describes this as "a hiring system where experience manifestly hurts applicants" and displays this graph: https://astralcodexten.substack.com/p/why-is-the-academic-job-market-so