[LS]

Fascinating point. There is a theory that classical, Monetarist, and Keynesians all want to ignore---a long cycle of pricing by Hopkins and Phelps-Brown.that shows big leaps in prices/inflation that coincide with the very massive technological or organizational upheavals that you observe.

Classical historians cannot explain why the bubble hasn't "burst" in 600 years. We have seen three giant leaps in prices 1400, 1700/1800, and 1980s-present. If you hold the market basket of goods constant, the burst of inflation never receded. Rather it coincides with these technological or organizational changes in society.

The Keynesians don't explain it because gov't isn't involved.

[Lazamataz]

Your observations are likely solid; yet nations are born and nations die, even under that framework.