Excellent article on the topic: http://volokh.com/2011/11/13/explaining-the-diminishing-retu....

In general, I agree entirely with the many commentators who have argued that the United States needs to produce more STEM graduates. But I also take note of the many people who have written to me to argue that the only truly employable STEM fields at the moment are engineering and computer science, and only certain disciplines within those.

It’s also worth keeping in mind that the United States could easily produce an excess of engineers — yes, even engineers. The labor market of a complicated, division-of-labor society means many, many specializations, and most of them are not STEM. We need lawyers, human resources staff, janitors, communications specialists, and many things that too-reductionist a view might lead one to believe are purely frivolous intermediary occupations. Maybe they are parasitical, and maybe they will get squeezed out of existence over time. But there is a sometimes incorrect tendency these days to believe that since innovation is the heart of all increases in productivity and hence in long run growth and wealth, STEM must be responsible for it and that because STEM is the root of innovation, only STEM jobs are truly value added. I exaggerate for effect, but you see the point.