I support anyone's wish to gain an education, including the study of esoteric subjects if that is what interests them. However many young people have been mis-sold an education in the belief that it would result in a well paying job. Of course the young are the easiest people of all upon which to perpetrate such a scam. There are very few with a film studies degree, who manage to secure a job as film director. About 500 people every year study golf course management. We have about 2500 golf courses.

Now, we're talking on the order of months to a year. Imaging telling a talented grad student who wants to work with you to wait a year to secure them a place.

This prompts a lot of researchers to pre-emptively apply for anything and everything at all times, increasing the needless competition and slowing down the vetting process immensely.

They expanded university capacity more than was sustainable. Now it'll retract.

It's a crisis for the people involved, but not for society as a whole.