Glen McGhee has written a Wikipedia article on credential inflation.
I like the analogy to monetary inflation. The more units of money the government produces, the less each is worth. Similarly, the more educational credentials that are produced (and today, the word “earned” simply doesn’t apply to a good many), the less valuable those credentials tend to become. There’s a difference, though. Monetary inflation affects all units of money the same, but that is not the case with education credentials, which aren’t fungible. A hard-science degree from a demanding school still counts for a lot; a soft-science, humanities, or ____________ Studies degree from a non-selective school is apt to be little more than wall decor.