Of course it will survive. But is it enough to pay off your mortgage and is it economically significant as like say a surgeon or a quantitative analyst / trader?
I don't think so.
I think the supply demand curve shifts. It will still be expensive in education/time and status will only slowly degrade, but the number which can be supported at even moderate academic pay will fall dramatically.
I don't know any today that make what even a mediocre new surgeon or quant takes home.