Even where we are now I know several people who are going back to school to get their comp sci degrees that were previously anything from teachers to law school graduates. I would argue that 1. This market is elastic and that 2. labor is slower to shift than capital.
Everything is elastic over the "long-term." But things can still be very inelastic over the short term. Like the supply of engineers. In your case, it would take 4 years for those people going back to school to finish their bachelors degree, and, if we're talking about the supply of PhD engineers, 5-6 more years to get a PhD. That's a long time in the tech industry, especially given the tech industry's growth. That's four to ten billion-dollar companies.
