&gt;Deflation is not an issue if accompanied by growth<p>Which it isn&#x27;t, because it acts as a choke on spending.<p>&gt;It&#x27;s acknowledged that the period from 1874-1896 was one such event.<p>Acknowledged by historical revisionists.<p>&gt;As for banking panics, they were always particularly bad in the United States because of geographic limitations, specific bondholding requirements and other restrictions.<p>Or rather, lack of counter-cyclical spending.<p>&gt;Theory of the firm has many variants. Coasian, Alchian, evolutionary, etc. Again, what type of neoclassicism? What is neoliberalism, anyway?<p>A political ideology that champions unconstrained markets, privatization, fiscal austerity and zero constraints on the movement of goods and capital. This isn&#x27;t a controversial definition even if people do use it with a snarly tone of voice.<p>&gt;There was no sudden &quot;jump&quot; in the 1970s,<p>If you take a look at the share of labor&#x27;s income as a % of GDP there absolutely was. The trigger point was likely Reagan firing the air traffic controllers (that marked government support for open season on all unions).