The Elite Overproduction Hypothesis

Basically, the idea here is that America produced a lot of highly educated people with great expectations for their place in American society, but that our economic and social system was unable to accommodate many of these expectations, causing them to turn to leftist politics and other disruptive actions out of frustration and disappointment.

Canceling student debt is fine, but long-term reforms to reduce the cost of college, and the debt burdens students incur, will reduce the stakes of the post-college job scramble. Universities should avoid marketing materials that depict them as a golden ticket to wealth and intellectual fulfillment, and should offer career counseling that prepare s... See more

We like to think of revolutions as being carried out by downtrodden factory workers and farmers, and in some cases that’s true. But frustrated and underemployed elites are uniquely well-positioned to disrupt society. They have the talent, the connections, and the time to organize radical movements and promulgate radical ideas.

There may be things that cultural creators and media figures like myself might be able to do to help this “expectations reset” along. Perhaps we should emphasize grit and struggle instead of talking so much about wealth and personal fulfillment.

So if the Elite Overproduction Hypothesis is broadly correct, how do we get out of this mess? If happiness equals reality minus expectations, simple math tells us that we basically have two options for pacifying our educated youth — improve reality, or reduce expectations.