I am not sure that is the case.In a world where everyone gets a degree, someone still has to clean toilets, stack shelves, and pick litter. The philosophy of the meritocracy denies that to a very large extent the economy is a zero-sum game: yes, anyone can become Prime Minister, but only at the expense of the other 66,999,999 who don't.
An example of this would be what economists call the winner takes all effect, professor Robert Frank illustrates this with the music industry. A century or so ago, each town of any size would have a music hall along with its resident performers, some were bit better than others, but there was enough work for thousands of them to make a comfortable living. Then along comes recording technology. Now everyone in the country has access to the work of the top-notch performers, so that's what they all buy, and before you know it there's a small handful of artists who become fabulously wealthy, whilst all the music halls close, and everyone else is reduced to singing in pubs for beer money.
Of course the economy has grown, because everyone gets to listen to more and cheaper music, but wealth isn't measured in absolute terms. Nobody who's struggling to pay the rent and feed the kids will regard themselves as wealthy because they're better off than their ancestors who lived in a cave. Wealth is relative, because people compare themselves to their peers, and also to the wealth they see flaunted on TV. And that matters a great deal, because status is strongly linked to both morbidity and mortality, even relatively well-off civil servants suffer worse health if their position is low status.
Each generation progresses, more educated, those holding degrees have shot up and now have access to more opportunities.
Our kids have no intention of going down coal mines, clean homes or do menial work even though it is honest work. They use their education to build a better life for themselves and the next generation.
Now even if you have a comfortable life, live in a good neighbourhood, you end up DIY from plumbing to gardening. Try getting a maid, a gardener or even tradesman. A good competent plumber earns more than many graduates.
Forget about the old days and music halls. We got some wayward economists with silly theories just we have whole lot of politicians with PPE from Oxbridge that can't steer a ship. The old days were worse when exploitation of workers were at an all time high. Hence the rise of Marxism. It was time of Lords and serfs, industrialists and sweatshops. Now days we have the living wage.
The only ones grumbling about the present are those who are not prepared to invest in their future. There are now more individuals who have come from poor families and gone to Oxbridge and the corporate World. In those days, the class system would not allow you entry anywhere except thru the backdoor to the servants quarters.
Look at the musicians that have made it big, where do you think they came from - Eton?
Never envy people who crossed from the wrong sides of the track and made it big and have become wealthy. Gone are the barriers. Its up to the individual to take his chances. Never blame others.
I am in the midst of recruiting and the CVs and the interviews tell me how society has progressed. I see varied background, ethnicity and cultures. I am amazed. It's a much better world for more people than before. 30 years ago, people from many of these background would not have a chance.
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