Recent literature that suggests policies university officials might adopt to bring Ph.D. supply and demand into some equilibrium is reviewed. Some literature documenting the present oversupply of new Ph.D.s and some supply and demand forecasts concerning the market for new Ph.D.s in the next 15 years are briefly reviewed. Predictions that were made between 1950 and 1970 of expected Ph.D. supply and demand during the 1970s are also examined to assess the success that forecasters have had. Among the policy options open to university faculty and administrators to control the oversupply of Ph.D.s are the following: (1) do little or nothing, and let market interactions bring supply and demand into equilibrium; (2) limit the number of Ph.D.s produced by controlling the number of universities/departments offering the degree or the number of students admitted/retained; (3) change faculty personnel policies to increase demand for new Ph.D.s; (4) revise Ph.D. programs; and (5) find new employment opportunities for Ph.D.s. A bibliography is included. (SW)