I perceive this question to be whether a given degree truly is educative - ie, whether it leads, or has led, one out of ignorance. And not just in some narrow matter of specialist esoterica or rote knowledge, which any old fool can do in a library, but in a broad sense of mentoring a person up and out of their superstition, their prejudice, their dogmatism and their provincialism, whilst training their mind to be precise, their arguments to be compelling, their beliefs to be mature, and their taste to be cultivated. These are ideals, to be sure, and different courses of study at different institutions yield different results - and most don't try at all. This question is not therefore, for me, in any sense about the vulgar economics of one qualification over another. That it is for so many others here is no credit to them, nor to the society or the institutions which moulded them.