The English version of Mana Khemia 2's title is actually a mistranslation. Mana Khemia 2's Japanese title is "マナケミア2 〜おちた学園と錬金術士たち〜", or "Mana Khemia 2: ~The Fallen Academy and the Alchemists".

The Japanese title is also more reflective of the game's plot, as the story has more to do with an alchemy school's decline than it is with the decline of alchemy itself.
Contributed by gaiages