Short answer, yes, it absolutely can. The reason they call it a rat race is that if you stop running (producing at a certain level) you will likely be thrown off the treadmill.
It's presented that way because it's a philosophy rather than a science; it can't be tested in a controlled environment and it can have dramatically different results across countries and time periods.
Try explaining the nuances and risks and watch people's eyes glaze over. It's just easier to say capitalism will solve everything, eventually. Don't try to understand how.