In Germany there is the word "Schweinezyklus". Pig cycle. It's mostly prevalent in engineering. It works like this: 1. Companies complain about not having enough qualified engineers 2. Everybody gets told to get into engineering in college 3. Boom crashes. Companies lay off engineers. The new engineering graduates don't get hired and are unemployed 4. Everybody flees engineering 5. Back to step 1. I think we are at t…
And at least you end up with educated people and the fruits of engineering work. The alternative is giving up: "I might as well not learn anything very useful, because there might be a period in the future where it's not so useful for a while."