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> Do you really think a society is going to function without teachers, psychologists, lawyers and artists?

This is a loaded question based on a faulty assumption. A societal shortage of people in these professions would cause their compensation to increase accordingly, incentivizing more people to enter them until an equilibrium is reached. This is basic supply and demand. Also...

> So it's individually quite stupid to major in anything _other_ than engineering, business or premed.

This is based on the faulty premise that everyone has the same skill set and can succeed at engineering, etc. as opposed to other fields where they may have a comparative advantage.

The thing is, society doesn't survive a drought of teachers, for example. If the number of teachers fall below a certain amount, the new generation will not be correctly educated and the knowledge transmission link is broken.

This is similar to any other area, really.

I think the education market is ripe for disruption with increased online education and collectives for socialization. Homeschooling 2.0, which doesn't require expensive physical plants for every neighborhood.

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