I think both trends are in operation today. One has to do with compound economic growth. In the long run, it prevails. The other has to do with the expansion of the state. It has to do with the short run. The model is the train wreck.We hear a similar phrase: inflection point. These are two names for the same process.
There are two versions of this process. One points to a lift-off. The other points to a crash.