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John Quiggin's avatar

Is elite overproduction really a thing, or are we just seeing a general increase in precarity? I've very limited data showing recent US college grads with higher employment than the average but that seems to reflect entering the labor market at a time of big cutbacks.

With a few exceptions like this, the general pattern is that graduates do better than non-graduates on every measure of labor market performance.

A more accurate reading, I'd say, is that as education levels have rise, the education level required to be part of the elite (however that's defined) has increased

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gregory byshenk's avatar

Related to John's comment... I don't believe that this can be an original thought (and I suppose that I should be more familiar with the thesis before I comment), but are we seeing in the contemporary capitalist world not an issue of "elite overproduction" but of "elite underconsumption"?

Particularly if we look at the case of education, it certainly does *not* seem to be true that there is insufficient work for educated people to do. Instead, what we see is a social/economic reluctance to put such people to work in a way that supports a reasonable (not necessary even "elite") lifestyle. A paradigm case would seem to be the rise of adjunct faculty in US education. The work is certainly there, and to a large extent even the demand for that work; the problem is an unwillingness to compensate workers even adequately for doing that work.

More generally, a "winner take all" economic system tends toward a shrinkage of "elite" positions. Instead of being "elite" if one is in the top 10%, the situation changes such that one must be in the top 1%, or 0.1% to be secure in an "elite" position (however defined). This plays a role in precarity, as well. Previous generations might have been secure in the top 10% or 5%; now such is not longer the case unless one has climbed to the top 1% (or higher).

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