Richard Koo — “Paradox of thrift was the norm before industrial revolution”

Rather than "paradox of thrift," I would say that it was the absence of credit owing to lack of investment opportunity with an expectation of repayment. More liberal credit extension made higher growth possible but brought financial cycles with it. 

Koo recognizes this but chooses to call it the result of the paradox of thrift. That seems odd to me.

Real-World Economics Review Blog
“Paradox of thrift was the norm before industrial revolution” 

Richard Koo