Okay - I finally got around to finishing this over Christmas after someone (Malcat?) recommended it on the forums. It was a pretty wild ride, I drifted a lot between being inclined to deny the basic premise of the book and thinking it was one of the most insightful things I've ever read.
Very, very briefly the author's argument is (this book contains a whole lot of ideas, and it's *really* hard to put it into a short summary):
1. We live in a meritocracy (ie. one where wealth and status tends to flow to those with certain 'meritous' skills and knowledge). This replaced the aristocracy, where wealth tended to be inherited and had little to do with skill.
2. This tends to force jobs into either super-ordinate (glossy) or subordinate (gloomy) jobs. The glossy ones pay absurdly well, have enormous responsibility and tend to require outrageous commitment in both time and development. The gloomy ones are paid abysmally, have no progression, and generally suck a lot. Glossy and gloomy jobs tend to replace mid-skilled jobs like middle management, small providers, etc. which formed the core of the middle class in the 1950s.
3. Since access to glossy jobs is gated by education and skill, the elite tend to spend a huge amount of money and energy training their children. This manifests in very high tuition, really serious competition from a very young age, highly scheduled lives, etc - and it continues more or less indefinitely. This means that these children are competition machines, extremely well tuned to this environment, and able to outcompete virtually anyone who doesn't have a similar background.
4a. The resulting system is awful for everyone. The gloomy jobs are just awful. The glossy jobs are better, but still take so much time and energy that quality of life suffers enormously. The future generation of elites is neurotic and anxious about their constant competition and almost no one from 'ordinary' education pathways can compete.
4b. There is an enormous gap between the life experiences of people who are deemed 'meritous' and people who are not in this system. They eat different foods, have different hobbies, support different rights (ie. LGBTQ folks are great, but higher taxes or wealth redistribution are terrible), and almost entirely view the world differently. This (might) explain things like the rise of populism, diverging health outcomes, different trends in associative mating, and a whole host of other weird bimodal patterns in society.
5. This emergent class of glossy jobbed, high education, urban folk seem to be tied to the descriptions of the 'liberal elite' which are becoming more broadly present in media descriptions. A common thread is that the 'meritous' members of society have become a new-aristocracy, but one which cannibalizes the middle class.
6. Since the meritocracy is bad for everyone (although definitely worse for some people than others), we should try to tear it down. Several policy proposals such as tying the non-profit status of elite educational institutions to student ratios (so more non-elite students can attend), changes in tax policy to incentivize more moderately paid positions rather than a few exorbitantly paid ones, and so forth are suggested. However, the core proposal is that we redefine 'economic value' in a different way.
All told, I think it was a fascinating read, and that the pattern sounds broadly true (and certainly true in my own life). I'm not at all sure it's as pervasive as described, but that could be regional variation, or even just the fact that I don't check enough of the boxes to be 'elite' in the parlance of the book. I think that while it's describing a social or cultural pattern, it doesn't really take into account how vast individual variation is.
I'd be very curious whether other people have read it, whether there are broad criticisms or interesting take aways with a MMM bent.
Two which came to my mind as I was reading were:
1- the FIRE movement is basically a return to aristocracy, checking out of the financial climb once you have enough to focus on other things which bring you joy/contentment/meaning (whether that's running long distances or building houses)
2- how tightly tied to status our jobs are, and that one of the main struggles for people who FIRE (on these forums) seems to be how you develop meaning and purpose outside of a job structure. This seems to support the premise that after a certain point, the meritocracy is about status and the income is almost beside the point.
Thoughts?