If the Chartered Institute of Personnel and Development is telling us that 58.8 per cent of graduates are doing non-graduate jobs, obviously too large a proportion of that age cohort is going to university. This is true whether we consider either of those economists’ favourites, supply or demand. More than half of the people who have the piece of paper can’t get a job which requires it: thus there isn’t the demand for the number of graduates we’re producing at vast cost. Or perhaps supply is wrong: more than half of those educated with a degree aren’t in fact being educated. Fortunately, we’ve a method of working all this out: net present values (NPV). If the NPV of a project is positive, it adds value; if negative, it makes us all poorer. Currently, certain arts degrees for men have negative NPVs and the number of fields where this is true is increasing over time. Some degrees lose everyone money: thus there must be too many of them.