Comment on Computer Science, a popular college major, has one of the highest unemployment rates

avidamoeba@lemmy.ca ⁨18⁩ ⁨hours⁩ ago

The major saw an unemployment rate of 6.1 percent, just under those top majors like physics and anthropology, which had rates of 7.8 and 9.4 percent respectively.

The numbers aren’t too high although it shows the market is no longer starved for grads.

It’s important to understand that this is a standard feature of the capitalist economy where the market is used to determine how many people are needed in a certain field. It is not unusual that there’s no long term plan for how many software engineers would be needed over the long term. The market has to through a shortage phase, creating the effects in wages, unemployment, educational institutions and so on, in order to increase the production of software engineers. Then the market has to go through the oversupply phase creating the opposite effects on wages, unemployment and educational institutions in order to decrease the production of software engineers. The people who are affected by these swings are a necessary part of the ability for the market to compute the next state of this part of the economy. This is how it works. It uses real people and resources to do it. The less planning we do, the more people and resources have to go through the meat grinder in order to decide where the economy goes next.

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