I agree with MIDNAdmiral. I am a former SWO and have technical degree. Although officers with engineering degrees may seem to overanalyze things at first, we have skills that are critical to the Navy and society. Thus, it's in the best interests of the Navy to encourage as many people as possible to get a technical degree. When you have an engineering graduate who actually can learn to be a leader, such as through the Navy's program, you have a person who can virtually take over any organization. I know this from experience because everything I've done since the Navy (including law school) has been really easy. Imagine the impact on society of all these highly trained engineers coming out the Navy with leadership skills? That would stimulate the economy.
One observation I have based on my experience is that after an engineer gets some experience, our logic blows everybody out of the water. After a little Ensign acne, I thought being a SWO got really easy (so much for eating their young - this is a myth created by incompetent JO's). Most of the other JO's with engineering degrees felt the same way I did and kind of thought most of the other non-technical major officers were kind of stupid. I saw the history, poly sci, business majors struggling with stuff that a first year engineering student would laugh at. There is definitely a significant advantage having a technical degree than not.
As a student ECONOMIST, I can say, that actually, it wouldn't. Perhaps the quality of the engineering workforce, but the economy as a whole? I think you're being a little far-reaching there.
I'd argue that Augusts Buell's description of a Naval Officer still stands true today - he goes on to say "...He should be as well a gentleman of liberal education, refined manners..."
While technical competency is great, I think the Navy specifically has a mix of officers from commissioning sources and degrees. Personally, I like how I have a good mix of highly technical courses and Economics courses, humanities courses, as well as practical professional courses. Do I know for sure this is the best way to become an officer? No, but the Navy has allowed me to pursue it, so there must be some sort of reason they've allowed me to choose this type of education.