The fortunes of economics graduate students appear to be on the rise. While colleges and universities have yet to expand their departments significantly, retirements could open up positions for aspiring academics.

The academic job market is “improving,” said Gary Clayton, an economics professor at Northern Kentucky University. “When I go to conferences, I’m seeing my colleagues getting a lot older. So there are going to be some retirements in the ranks.”

Mr. Clayton says he recently checked his TIAA-CREF retirement account and “took a year off my work schedule,” thanks to the recent surge in the stock market. Because equities have climbed, “I can retire with a comfortable salary and I’m probably not alone in that,” Mr. Clayton said. “If I retire, I’m not worried about earning a living, I’m worried about what will I do.”

The market for economics PhDs who want to enter academe has strengthened from its “horrific” state after the 2007-2009 recession, said Justin Wolfers, a senior fellow at the Brookings Institution and a professor of public policy at the University of Michigan. “State schools aren’t hurting as were previously… Private schools’ endowments bounced back last year.”