“The other option is to go back to 19th century technology.”
Which is the equivalent of a reduction in the standard of living. No electricity, no TV, no A/C, no cars, no aviation, mostly sailing ships. Railroads? Maybe. No medicine to speak of. Life expectancy of mid-40s, more or less.
I do know, I watch Bonanza re runs and think life wasn’t so bad. If you combined that with modern medicine it might work.