Earlier quoted context omitted.
> We could shift the low-demand graduates to high-demand graduates with somewhat decreased cost, in theory, by simply axing two thirds of the low-demand programs, no? By what mechanism would you do this? It's not as if there is a centralized bureau of programs for all universities. In theory you could stop offering student loans to students studying low demand subjects, but we haven't actually done that. > If the dem…
Yes, I think loan policy changes are our most practical knob to turn, as I think many of the current problems are the result of making college too apparently cheap with easy loans and deferred payments. Cracking down on for-profit colleges is a good first step, even though we've somewhat slowed down on that lately. I'd favor a less prescriptive method around "study this, not that" and a more responsive one: your loan…
Often, in fields that are just emerging into commercial viability, the people doing the new work before it gets taught in universities or commercially applied are researchers at universities (professors leading, but graduate students often doing the heavy lifting and often undergraduates working in supporting roles), who are then also (both via publication and personal contact and advisory councils) taking it to industry to further development.
So, yeah, while someone is doing work before university classroom instruction catches up, a lot of that advance work is done in universities, across the whole professor-to-undergraduate academic heirarchy.