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Also, smarter or more disciplined kids might have realized utility of small less selective private college is not commensurate with costs, so they are opting to go with lower cost government supported schools or focus on getting into more selective schools.
I think this is plausible on the margins, although it could be true that Davidson relative to peers are lower but still overall take the same test they are higher compared to 20 years ago as well (is there some term for people somewhat smarter over time?). Or more specifically `Smart(Davidson Now) < Smart(Peers Now)` could be true, but this doesn't 100% imply `Smart(Davidson Now) < Smart(Davidson 20 years ago)`.

That said, as a professor you take kids as they are, not as you wish them to be. I have only taught at state schools, but if I had to teach the same course at a community college (or an advanced high school) I would likely alter my course/lectures at least some to accomodate the different pupils.

I remember Macro econ was a tough slog when I was an undergrad (it was at 8am). IMO they should do micro as the intro course and leave macro for the majors.

It's not impossible. College admissions 20 years ago was more or less GPA + ACT/SAT. These days it's far more holistic to the point of ACT/SAT not being required at Davidson. Found one article that says only 60% of admitted students submitted an ACT/SAT score.

Can easily see a not so smart kid that checks boxes and had a good high school GPA due to parental supervision totally bombing out in college.

I think this is a fair criticism. It seems very plausible that Davidson's reputation has fallen among students and more importantly parents in the last twenty years. As the parent of a 9th grader, I would much prefer her attend our state flagship (UIUC) than somewhere like Davidson. My parents on the other hand were much more impressed with those types of smaller private schools and encouraged me to attend one. Anecdotal, but I think this attitude is fairly representative of the mindset of older millennial parents I talk to.
Seems very unlikely to have a significant effect size
That's microecon (which I agree is meh). Macroecon is very useful. Anticipating how governments and central banks will react in the face of economic conditions can make you a better business operator and investor.
That was part of the joke (I meant macro on the right hand side, not micro), but will concede I am not a terribly funny person.

I think micro is much easier/more intuitive personally (I think you are projecting a bit saying anything in intro macro has clear usefulness in running a business or investing). But I am sure you could make macro more relevant/interesting than what I took in school as well via clearer analogies to current situations.