No, but neither was he an economist. Unofortunately, sitting in the Chair of Peter does not confer upon the Holy Father any expertise on economic matters, and in this encylical, the Holy Father was way out of his area of competence.
Thankfully, the words of the pope are only binding on matters of faith or morals, and not on matters of economic policy.
He had a very good education, was very smart and had top minds around him.
Do you think that if the elites paid more heed to his warnings and the Bolshevik Revolution (with resulting rise of Fascism and WWII) did not take place, it would be so bad thing?