When there is an oversupply of labor, we observe falling compensation for labor. If there were an overproduction of ‘elites’, we should expect to see less benefit and more distribution of wealth and power. Clearly the more reasonable explanation is that we are (and always have been) observing mimicking behavior by the non-elite, much like fashion.<p>Perhaps it is the same with the Ivy League. If you orient your life toward getting into an institution, club, or organization, then you are probably not elite in that context, even if they do let you in. It would be the other way around if you were. We can make that tautological if we define the elite as the points of accumulation for wealth and power. They do whatever interests them, and the rest of the world watches and competes to serve that interest.<p>I’m not sure that the concept of overproduction makes sense in that context. But perhaps there are many disappointed acolytes, as there are remorseful fashion buyers.