https://www.EnglishForward.com/English/WouldHavePPMightHavePP/bdwlmg/post.htm
I happen to read the above thread when I search "might have pp". The example sentence in it is "The figures indicates that in these two years alone 9 million people would have joined the ranks of people officially registered as unemployed". Cyfi commented that this "would have joined" is a counterfactual situation. But I don't think so. I consider it as a "rational conjecture" about past situation because the author is making an informed assumption of the number of the unemployed based on data.
Please let me know your opinions. Thank you.
I agree with your exegesis.
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