Fair enough, it’s possible, but I maintain: the model proposed would have been operative always and everywhere, so would we not expect this to be occurring all of the time? Would history not be very different, with no middle class (our middle class has only recently declined)? Wouldn’t extended periods of broad prosperity would be an aberration, rather than the broad stroke of history?
Um, why would it be incoherent? By all observations of perfectly coherent physics, the universe itself is currently the largest it has ever been and is growing at an ever faster pace. While perhaps your opinion is that such things should not be possible, it is clearly non-sensical to say that such a thing is incoherent when it actually seems to be the basis of the entire universe.