It's a theory, and subject to proof, if not too badly theorized.
Is it a verbose way of saying we got speculation going on? I think it's more than speculation.
It's that those at the top of the Memphis pyramid are oblivious to the large wealth gaps that separate them not only from the poor but from the middle class. Consequently, they set their expectations to their and their peers' resources, rather than the resources available to Memphis' talent rich, capital poor entrepeneurs.