For the past decade, the number of people majoring in English has declined, while STEM fields are booming.

Yet economists say that English majors are needed to tell the stories, shape narratives that make sense to people.

A great migration is happening on U.S. college campuses. Ever since the fall of 2008, a lot of students have walked out of English and humanities lectures and into STEM classes, especially computer science and engineering.

English majors are down more than a quarter (25.5 percent) since the Great Recession, according to data compiled by the National Center for Education Statistics. It’s the biggest drop for any major tracked by the center in its annual data and is quite startling, given that college enrollment has jumped in the past decade…

Nobel Prize winner Robert Shiller’s new book “Narrative Economics” opens with him reminiscing about an enlightening history class he took as an undergraduate at the University of Michigan. He wrote that what he learned about the Great Depression was far more useful in understanding the period of economic and financial turmoil than anything he learned in his economic courses.

The whole premise of Shiller’s book is that stories matter. What people tell each other can have profound implications on markets — and the overall economy. Examples include the “get rich quick” stories about bitcoin or the “anyone can be a homeowner” stories that helped drive the housing bubble…

In many ways, President Trump’s constant attempts to call this the greatest economy of all time are an effort to tell a positive story to encourage Americans to keep spending, Shiller said, even if his claim is not based in fact.

What matters most is the ability to communicate clearly, a skill that English majors are likely to acquire.

Perhaps the most powerful argument for why students (and their parents) might want to think twice about abandoning humanities is the data. The National Center for Education Statistics also keeps track of pay and unemployment rates by major.

There’s no denying that the typical computer science major makes more money shortly after graduation than the typical English major.

Contrary to popular belief, English majors ages 25 to 29 had a lower unemployment rate in 2017 than math and computer science majors.

That early STEM pay premium also fades quickly, according to research by David J. Deming and Kadeem L. Noray from Harvard. After about a decade, STEM majors start exiting their job fields as their skills are no longer the latest and greatest. In contrast, many humanities majors work their way to high-earning management positions. By middle age, average pay looks very similar across many majors.