“the rapid exit of the highly quality-conscious customers [. . .] is tied to the availability of better-quality substitutes at higher prices” (51). That’s from Albert Hirschman’s brilliant Exit, Voice, and Loyalty.
In other words, those with the best alternative options, even if the “price” of such options are high, tend to leave declining situations first. That’s essentially what is happening in academia: the people who can get real jobs leave and the ones who can’t stay and put up with geographical mobility and other problems. The result is plain to many grad students and smart, aware undergrads.