Also, have our society evolved into one that we actually want? I would expect the answer to vary greatly, depending on whom you ask.

There have always been elites. There will always be elites. The question is, can we afford the rent overhead of our current elites in return for the stability they provide? If not, then a new elite will seize the opportunity and replace them. I'd wager the dissatisfaction with "productivity and growth" is an expression of frustration with a high rent-overhead from a rent-seeking elite, which has ceased to do what made them the elite in the first place.