I'm one of those people that goes by the "all models are wrong, but some models are useful" saying. I'm sure the "elite overproduction" model is mostly wrong. But I also think it is an interesting/useful way to look at some things happening in society recently. Certainly, you can think of the recent "cancel culture" phenomena as a great way to remove elites to make room for new ones. ( Maybe you could argue that some…
Elite overproduction is about everybody wanting to be basically managers and nobody wanting to be production workers.
Except that without enough production workers it’s impossible to justify “elite” positions.
College graduates took on huge debt only to realise they’re not needed. That’s how you get a class of young, angry and unemployed intellectuals which is every government’s worst nightmare.