I wish this article would touch upon economic trends' impact on MBA applications.

MBA applications go down as the economy performs. The opportunity cost is higher when there are well paying jobs readily available and promotions to be had without needing to go back school.

During a recession, MBA applications should go up as work is not as readily available. People also want to retrain their skills to make themselves more marketable to employers, as anyone else would do by going to vocational schools during hard times.