Well if you did not have engineers you'd probably have living conditions like the Middle Ages. If you did not have artists you may loose the ability to appreciate beauty. So, with this in mind, if you have only engineers you may live a long but banal* life. If you have only artists you may live a short, but appreciable, life.
It may be better to have both.
*This follows the assumption that engineers do not appreciate beauty. There seem to be some exceptions. Or perhaps this phenomena does not really exist? I know some believe strongly that it does. Are there some that feel strongly the other way? Perhaps somewhere in between? Maybe I am missing something?