I'm sure the actual theory goes in to a lot of detail in academic papers and whatnot, but the Wiki summary is to vague to be interesting. There is a key question left unanswered. Who are the elite?

Are the elite:

- billionaires?

- top 1,000 Political leadership?

- top Military leadership?

- top 10% of society by wealth?

- top 10% of society by influence?

- smart people?

- hard working people?

- people with valuable economic skills?

- people who went to university and got a degree?

We have no idea from Wikipedia. It might be possible and practical to have an entirely elite society where everyone has a job for all I know reading that. I suspect we're all elite compared to the population of the 1500s.

Just to put my oar in, there is a huge problem when people aren't allowed to better their own lives and also have nothing better to do than sit around discussing how to overthrow the power structure. How that matches up to elite overproduction theories I cannot say.