Do you think your faculty should have a dresscode for teachers and students?

In my faculty nobody uses a uniform. Teachers need to be more demure. The teachers use dress shirt, pants, necktie, cardigan sweater and a vest if they are man. Some are more formal at night, so they use a suit to give classes. The woman use dresses, skirt, jacket and pants. The students use whatever they want.
In some classes we have to give presentations, so the entire group uses more formal cloth to improve overall appearance. I think it is a good tradition because it helps to be prepared for the future.
I think it would be easier if we had a uniform because we would never have to worry about choosing clothes every day and perhaps it would be cheaper than buying clothes. I also think it is good that teachers show respect by dressing a bit formal.