Arts were born and exist based and focused on the human (non material) side of one's existence. Arts aim to our souls.
Education exists not to increase people's bank accounts but to teach people how to communicate with themselves and other people and -hopefully- improve our life in this planet.
I do not think people educate themselves in order to make money. This is probably a misunderstanding created by some usually non educated parents to their children.
As long as a particular institution manages to keep human values instead of money and production values, arts are an essential part.
If the institute is focused on this 'money making', arts cannot exist.
I would like to alter the basic question:
What is the role of an academic institution? Creation of money makers or creation of personalities?