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Too many students are majoring in English, anthropology, sociology and, yes, political science. The job markets specific to those majors cannot possibly absorb them all.
By no means is the knowledge wasted. It’s just spectacularly overpriced. A firm grasp of Dickens and Melville never hurt a Walmart manager. But he could have become a Walmart manager without spending tens of thousands of dollars to learn about Dickens and Melville. . . .
The college-as-a-necessity culture is causing us to waste a lot of money and misdirect a lot of talent. It doesn’t take a Ph.D. to figure out we could do better.