Luxury items burn well. So your take may be true in a mathematical model of capitalism, it's at most a spherical cow in reality where people do like to not starve to death.

So unless there is a change towards UBI in your take (which is still not an all around solution. Many people only fit properly in a society because they are occupied 8 hours a day with something), that will probably result in the biggest revolution ever seen.

And there is not enough high walls to save the rich from that.