<the only="" way="" to="" limit="" the="" unemployed="" underemployed="" of="" phd’s="" (and="" jd’s)="" is="" reduce="" supply="" grads.="">
Not really. The problem is that many students want to get well-paid jobs. Unfortunately, they realize it in their 20s, when it is too late to learn math/science/engineering. Students don’t have enough math/science background for any STEM/finance/econ/medical jobs. Thus, they look around and try to find something that doesn’t require math, but promises decent salary. Bingo: JD, MBA, PhD !
In their late 20s they, suddenly, realize that all these JD, MBA, PhDs are not enough to get a job. As a next step, they look around and apply for teacher’s positions (Ph.D.s), sales and marketing (MBAs), and regulatory/political offices (JDs).
The ONLY way to limit the unemployed/underemployed of PhD’s (and JD’s) is to teach math / science. It gives students more flexibility in job market.