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Actually, that's what Reynolds suggested, in some of his books: a second Renaissance. But since he was a realist, he more often showed that the majority of people either weren't interested in entering the creative class, or simply lacked the ability. And so, most of them spent their time on legal narcotics (including alcohol), and watching TV - which became progressively more stupid and violent, eventually ending up with real (albeit small-scale) wars being fought on camera.
I would happily settle down to full-time writing. But from what I've seen of the rest of humanity...well, as long as there's TV to watch, I really doubt that they'd be writing any sonnets or composing any arias any time soon.