That theory has a major blind spot: the increase in demand for a Western standard of living at an unprecedented global scale enables innovation to bring down costs.

Example: Africa has dealt with underinvestment for a long time in many areas, like telecommunications infrastructure. But because of that, many African nations have leapfrogged hardline telecommunications in favor of mobile, resulting in less spending before and after for maintenance of an antiquated system.

Likewise, we in America are dealing with the ramifications of unsustainable sprawl, where entire municipal and county budgets are exhausted just to maintain current infrastructure, particularly roads, and we have nothing left over to invest with.

All in all, that theory is limited to one's faith in humanity to adapt and thrive. We made it through the ice ages and the Toba Catastrophe.

Besides, who in the 21st century is content with aspiring to the living standards of the 20th century? The global poor, perhaps, but once they reach the 20th century, they, like most people, aspire for the 21st.