The number of students in the University of Chicago program that bestows a Master of Arts degree in social sciences has quadrupled since 1989, jumping to 160 from 40, and despite a tuition price tag of $37,000, every year more students clamor for admittance. “It’s an expensive degree, but students have calculated how fast they get their investment back,” said John J. MacAloon, an associate dean at the University of Chicago and director of the program. “And it is beneficial for the university because there is a lot of tuition income to be had.” More students than ever have started...