Back in those years, at I suppose a Tier-3 school, I went to some academic ceremony where the professors wore their robes. I was impressed at how spiffy the crimson Harvard robes looked. Somebody more sociologically aware would have thought, Hmmm, there sure are a lot of Harvard Ph.D.s on the faculty here, and considered why.
Yes, and the US population went from about 130 million in 1940 to 330 million in 2020, while the percent of adults with a college degree went from about 5% to about 40%. There were a few decades of particularly rapid growth.
It's not that different in the corporate world. Lots of companies make bad bets that then lead to layoffs, but not always in the orgs that actually were part of the bad bet. I've seen many startups take on too much risk, then have to perform layoffs in orgs like marketing, recruiting, sales, HR, etc. even if those orgs weren't responsible for the issues that the company is facing.
When I first heard Jimi Hendrix's Purple Haze blasted out as I walked in darkness down the hillside to the womens' dorms, I realized it was a new age and a good time to be alive!8-))