This quote is a metaphorical critique of monarchy or any form of government that exploits its people. “The King’s cheese is half wasted in parings” refers to the wastefulness of the ruling class, where resources (in this case, symbolized by cheese) are squandered. The “parings” or the parts that are cut off and discarded, symbolize the unnecessary extravagance of the rulers.

“But no matter, ’tis made of the people’s milk” is a sharp commentary on the source of the king’s wealth and resources. It suggests that the wealth and resources that the king or the ruling class enjoys are actually produced by the people. The “people’s milk” is a metaphor for the hard work and toil of the common people, which is then used by the ruling class for their own benefit.

In today’s world, this quote could be applied to a critique of economic disparity and the exploitation of the working class. It could be used to discuss how the wealth of the world is concentrated in the hands of a few, while the majority struggle to make ends meet. It could also be used to discuss how resources are wasted by those in power, while those who produce these resources live in scarcity.

In terms of personal development, this quote could serve as a reminder to be mindful of where our own wealth and resources come from. It encourages us to value the work of others and to be aware of our own consumption habits. It could also inspire us to strive for fairness and justice in our own spheres of influence, and to challenge systems that exploit and waste resources.