Unlike most other fields, business school Ph.D. production has declined in the last decade. Data from the National Science Foundation (NSF) reveal that business and management doctorate production decreased by 6.9 percent between the first and second half of the 1990s. Over the same period, humanities (18.9 percent increase) and life sciences doctorates (12.5 percent increase) experienced double-digit growth. Education (0.9 percent reduction) and the physical sciences (1.3 percent reduction) experienced only modest decreases. Among the top 50 schools producing Ph.D.s in business, Ph.D. graduate numbers declined by 18 percent in the last decade, and in the five largest Ph.D. programs, production dropped by 30 percent. The authors concluded that the United States will experience a shortage of approximately 1,150 business Ph.D.s within five years, and nearly 2,500 Ph.D.s within 10 years. This article offers several strategies to begin to alleviate the shortages. These recommendations favor shorter-term and broader impacts, the leveraging of existing Ph.D. programs rather than creation of new programs, and variability in the types of doctoral degrees produced, such as teaching- and research-oriented degrees. (Contains 2 figures and 3 notes.)