This idea comes up every once in a while.  The idea that an institution should remove its physics degree program because it doesn't produce enough majors.  Right now, it is up again due to budget problems in our state.
I think the idea of removing low-completer programs is dangerous.  It comes from administrators who like to think of the university as a business.  If you are a business, and you want to save money - it seems obvious to cut things that don't produce as much 'product'.  Really, this brings up several issues.
Is a university like a business?
I am going to go with "no".  Let me…