> "But if consumption capacity was equal in Europe, that consumption would shift to something else, such as food and entertainment."
Yes. But my point is that not all consumption can be considered equal in terms of the wellbeing and quality of life that it provides.
For example, if I was spending $5000 per year on car payments and fuel for my commute to work, that's a lot of 'consumption'. But it isn't something that makes me happy or feel fulfilled.
On the other hand, suppose I live in a city where I can walk, cycle, or ride a tram to work. My quality of life might be equal or better - yet I'm consuming $5000 less.