United Kingdom
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Let me guess the arts are going to be considered unskilled jobs.
I wouldn't look at it like that.
If students do an art degree and then go on to make a significant amount above the average wage working in art restoration or curating or creating art or whatever else that degree is useful for then it is a well performing degree. If the majority become starving artists working on the checkouts at a supermarket then it's a poorly performing degree.
It's as simple as that. You have to be honest and ask yourself how many historians (for example) we need to qualify every year and would there be a benefit to the country if we could incentivise these people in to STEM opportunities instead.
If the majority of music students work at Tesco but a small minority become The Beatles, I'd say its a well-performing degree. Culture isn't about ruthless efficiency.
John and Paul both dropped out of college and none of the members went to university at all.