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"Elite overproduction" deliberately muddles together "elite" with "people scraping together a living making trinkets on etsy" because "elite" carries quite a negative connotation and the richer and more powerful the 1% get, the more they hate being singled out.

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Have you read Turchin? He defines the term rigorously to refer to a particular social-economic class

Yes.

https://archive.is/XWiGM

Here he is bemoaning the glut of decidedly non elite law graduates under a title of "elite overproduction".

If he rigorously defined billionaire to mean anybody earning over $100k it would hardly be more ridiculous.

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