This is all valid analysis but not complete if the economy/productive system itself is cost inflationary by cost accounting convention (all costs must go into price) and the costs of depreciation as well as many other incidental costs that inevitably arise throughout the productive process are additional to total financing. Then the only way to not re-initiate and overcome this cost inflationary systemic nature, especially as innovation and AI increasingly destroy individual demand, is to supplement individual incomes with a direct payment not associated with employment which again, being an aspect of the system, will re-initiate its cost inflationary nature.

The fundamental trend of capitalism is upward as Minsky correctly observed. In a profit making system this applies to the intersections of intent to succeed, perception of abundant demand and price. Thus prices will inevitably tend to inflate, regardless of competition….or lack thereof. This is why a macro-economic policy of a retail discount to prices by merchants (which is reciprocally rebated back to retail merchants by an independent governmental monetary agency) would be necessary to eliminate any inflation…and if we’re really smart, create price deflation thus reversing the trend of Financial domination of the individual and every other business model in the economy with a trend toward the monetary empowerment of the individual and the lifting of an unnecessary and oppressive onerousness for every other business model save finance.