Talk of the higher education bubble is all the rage these days, especially in the US. I'm convinced we've got one here too, for slightly different reasons, but this graphic of US degrees really puts the idea that more graduates equal a better economy into perspective. There's nothing wrong with a "degree that doesn't pay", but there's no economic case for government subsidy for visual and performing arts degrees (US data):

graph

Read the article I got it from for more.