<p>When you add up all of those people at the good (but not super-top-tier) schools who flunk out with the ones who don't flunk out but barely make it (i.e. GPA 2.5 or less), and that can usually turn out to be a significant chunk of the class. </p>
<p>I agree that if you go to an elite school, you could make a case that you'd be better off doing business or econ than engineering. That is, of course, unless you happen to be one of those super-geniuses who can get top grades in engineering while doing very little work.</p>
<p>However, if were a mediocre high school student and you go to one of those no-name colleges, then engineering is one of the greatest deals around. Those guys are making out like bandits.</p>