I think this is under-calling both how miserable people were before the modern era and the remarkable impact good birth control has had on modern society. Suddenly there is lots of free time and a lot more choices to make than there were even 50 years ago and all the choices have unsatisfying outcomes. We live in a world that is too complex to understand, and people keep screaming that everything is about to collapse (which, in fairness, may be correct).

People have identified that both the traditional roles - child rearing and working very hard all day - are not much fun. Human society and morale doesn't cope well with hedonism. There aren't obvious alternatives. I don't see how a specific social theory could overcome these practical realities. Unusually, I don't really see economics as a factor here - everyone is, by historic standards, absurdly wealthy. Even most poor people.