I wouldn't say I am firmly against this approach, but I do feel that if you have that sort of system, you probably need some control over the types of studies that people can engage in. This is a somewhat unpopular opinion most places, but I do think it's possible for a major to be more or less useful to society. I think that (broad strokes) that is reflected by compensation and/or demand for the services offered by graduates of a given major (teachers and social workers notwithstanding). I think in general it's in the best interests of society to limit the number of people studying unproductive subjects.