A surplus of billionaires is destabilising our democracies Zoe Williams

The concept of "elite overproduction" was developed by social scientist Peter Turchin around the turn of this century to describe something specific: too many rich people for not enough rich-person jobs.

It's a byproduct of inequality: a tonne of poor people, sure, but also a superfluity of the wealthy, without enough positions to house them in the influence and status to which they think themselves entitled. In a modern context, that would mean senior positions in the government and civil service, along with the top tier of finance and law, but Turchin tested the hypothesis from ancient Rome to 19th-century Britain. The names and nature of the contested jobs and titles changed; the pattern remained. Turchin predicted in 2010 that by the 2020s it would be destabilising US politics.

In the UK in recent years the phrase has been repurposed in the wildest ways - to mean an excess of people at university creates unwanted activism (my précis); or, in the Economist (paraphrasing again), landslides create too many mediocre backbench MPs, who can't hope for preferment so make trouble instead. And while the second proposition might be true, the first is basic anti-intellectualism. Turchin didn't specify exactly how much wealth puts you in a situation with an overproduced elite, but he didn't mean debt-laden students; he didn't mean MPs; he meant, for brevity, billionaires or the top 1%. When a lot of your media are billionaire-owned, those media sources become endlessly inventive in taking the heat off billionaires, nipping criticism in the bud by pilfering its vocabulary and throwing it back at everyone.