This article is bullshit. It's premised on a single piece of evidence: the decline of jobs for MBAs. Holding the decline of jobs in a recession as a sign a qualification is worthless is ridiculous. The demand for engineers has gone down as well, does that mean engineering qualifications are worthless ?
Following the same logic if the demand for MBA graduates went up then it would make sense to argue that MBAs are valuable. So if we look at the early 2000s where this was true was Lucy Kellaway writing articles calling out the merits of MBAs ? - well no, it turns out Lucy Kellaway has been writing articles slagging off MBAs since the 90s.
Ms Kellaway is just using the recession to ride her hobby-horse.
We shouldn't be any less critical when reading articles that support our personal opinions than those that oppose them.