[BurningFrog]

I still don't see anything in this argument that is specific to the affected sectors of the economy in the last half century US.

If you're right, you might win a Nobel Prize in Economics, but I don't see how you've explained Cost Disease.

[js8]

IMHO, the affected sectors are specific because they are very hard to substitute. Ordinarily, when prices start to grow towards monopolistic price, the demand curve will shift (due to substitution) to counter this effect. But these sectors have demand curves that cannot be shifted easily, and so they seem as a special case, but in fact they are not.

Speaking of Nobel prize, I think Steve Keen deserves one (and maybe two), but he will never get one, unfortunately.