Capital-labour-technology dynamics seem poised to go to some weird, truly unprecedented places.
Under either scenario, the ideological position of the homoploutic class as a legitimate meritocracy will collapse. Under entrenchment, the homoploutic claim to merit becomes untenable because there is no path to entry: Once inheritance is the only way into the top decile of capitalists, such a class can’t credibly describe itself as meritocratic, no matter how hard-working. Under dissolution, if education no longer commands a wage premium, there is no longer any meritorious activity to point at — one is simply an owner of capital, as one’s great-grandfather was. In the first case the asset value of the class survives, but the flow into it stops. In the second, both go.