Megan McArdle talks about a college dean, who earns a 6 figure salary by producing law students that have no hope of getting a job and then expands her criticism towards administrators who produce PhDs in a dismal job market.

The belief that education is both good in and of itself, and also, is practically a guarantee of a good job, was never entirely true. But now it's clearly false in many fields, and insiders who blind themselves to this reality are doing naive kids a great wrong. Increasingly, getting the extra degree may actually decrease peoples' chances of finding jobs, partners, and satisfying lives, because of the debt and time that are poured into them. Bottom-tier law schools are the perhaps the most flamboyent offenders, but they are far from the only ones.