"...it would be irresponsible. It would mean taking far too many students who would really have a risk of not being able to find a job."Now wait, where have I heard these arguments before?
All kidding aside, has anyone heard of chemistry or biology departments voluntarily reducing their incoming class sizes? It's well-understood that some students view grad school as a "safe haven" during an uncertain job market, but department Chairs everywhere keep their US News and Times Higher Ed program rankings close to the vest, too.
Might raising the bar help both burnish departmental reputations, while ensuring the "name value" helps future M.S. and Ph.D. graduates to find jobs?