Plus ça change ...

... Everything Old Is New Again - Commentary Magazine. (Hat tip, Dave Lull.)

What is happening now is the revenge of the market. A high literary culture, utterly divorced from economic realities, was artificially propped up for fifty years. In rather more technical terms, American literary culture is an inefficient market; its products are overpriced, and there aren’t many buyers for them at any rate. As the air goes out of the higher education bubble, the literary life as fantasized by the New York Times’s attractive young literary cubs is deflating along with it.