Well I have to say I find what Warren Spector said to be very contradictory.... unless he plans on living forever!! I could understand his perspective for a few years perhaps, but it is necessary to develop young, up and coming talent. Without developing young talent there would be no future for the business. The talent that exists within a company could well be amazing at the time and the company itself could be the most prosperous company, but it would still
need younger artists and workers to fill in the gaps when other workers move on or retire.....
Another speculation connected to this, lack of a need for younger not as experienced artists would be that university courses that specialise in training and educating the students would become obsolete, i'm sure that would cause an upset at some universities!!!
It isn't really sensible to presume that the industry would be good without an influx of new artists... In fact that probably makes it more volatile, how can different styles be made without new artists to bring new ideas? Industries to possibly become boring or even predictable because the same artists are used, new artists would bring at least a new amount of spice or variety, as of course.... variety is the spice of life!
There is a specific need to have normal artists and university taught students, I doubt many artists know how to programme games but I suppose there is a possibility that their knowledge in different subjects like programming could be extensive all depending in how much they wanted to immerse themselves into their work, having someone teach you specific things means that you should understand the subject matter more clearly and therefore learn it to a better standard.
All I can say is studying at university to do game art design is career building, and we as students are learning the necessary skills to become good game artists and workers in industry.