The cynical part of me says that as long as everyone's doing it, you can play this game and still keep your relative position in the league tables. The total v

The cynical part of me says that as long as everyone's doing it, you can play this game and still keep your relative position in the league tables. The total value of any given degree might well go down, but where else are the employers who have always done graduate schemes going to hire people from? Captive market.