This is actually good news for society as a whole. There are way too many people who spend time in grad school only to discover that society doesn't have a job for them. Yes, it's not nice for the people who don't get in, but there's been way too much overproduction.

This is certainly true for 80% of universities and degrees. Even most bachelors degrees in my opinion. But if I’m being fair, maybe that’s not as true of places like MIT that teach tough and much more in-demand skills compared to universities where most students are studying things there is no demand for, and paying $150,000 or more for the privilege.

Right, all of those notoriously under-employed phds from MIT...

How is it better for society that the research never be conducted than that the researchers make less money than they hope to?

yeah are you saying society does not have a job for an MIT graduate ? this is mistaken let them learn don't worry they'll find a job thank you for thinking about the job prospects for them since you know better than someone who got admitted to graduate school.

this might be true, but certainly isn't/shouldn't be true for MIT graduates. if you own a business of any kind, hiring an MIT grad is basically never a bad decision.