Out of curiosity, how does them working all day and buying things drive meaningful innovation? Less resource usage per person might instead free up people to do innovative work because fewer people need to do the other work.

Bored, educated people with some free time seem to innovate the most; as opposed to who is paid to do it.

It might change the direction of innovation, but I'm not certain if that is good or bad. I'd love to cut down on the innovation done in advertising or algorithmic stock trading.

well could argue that the work of others may give some with certain talents more time to create meaningful innovation e.g. funding research, but i guess its true that many things lack any large purpose. if people were more productive as individuals maybe that would be different, i dont know.