Well, other posters have described different phenomena related to what you are discussing, OP, and which are useful for explaining different things. I'll focus on some thoughts I have related to the job market and our educational institution, insofar as it concerns that segment of the student population who have, for the most part, devoted a lot of time and effort to their studies towards an eventual professional track.
I think, regardless of the wider economic cycle, there is something unsustainable about our educational system. While in the past 5 years there has been more progress made for interdisciplinary work and endeavours, I still think we have a lot to improve upon. Certainly, in my time (and one can imagine it was far worse for previous generations), at least at my school, any pretension to interdisciplinary endeavour was empty lipservice. It was frustrating.
I think our educational system does not encourage creativity, innovation and entrepreneurship enough. I suspect there are more and more people who are still involved in Academia, those who have spent time in Academia, and those who have led lives mostly outside Academia, who would agree.
I think, both undergraduate and graduate programs are dangerously becoming "worker" mills, mindlessly supplying homogenous professionals for a certain discipline, almost like a factory, in a process that doesn't seem to take into account realities of the market. Parents--like parents of my friends and even my own friends--kind of mindlessly push their kids to achieve status and take the time-worn path that every other middle-class/upper-middle class college kid is treading down. At some point, there is going to be over-saturation in particular job markets, if there hasn't been already, and graduates are going to encounter a lot of dissatisfaction, immediately or down the line in their work lives, for a number of reasons, unless they can differentiate themselves and carve unique niches and roles for themselves, or--best yet, invent unique jobs for themselves entirely.
This is, of course, not true for all disciplines and occupations. If you check out the Government's Bureau of Labor Statistics, you can get some idea of emerging trends and opportunities, where one could abandon all creativity and enterprising and just do things by the numbers--get the degree and basic expertise--and not only find a job right away but have a lot of financial and career upside.
Anyway, I think creativity, innovation and entrepreneurship need to receive more attention, emphasis and focus by our institutions of higher learning. These things are important cornerstones of American progress, including technological progress; they have helped bring us to where we are today--and they will help us ensure the continuation of the American dream and American prosperity.