Earlier quoted context omitted.
This is a good thing. If the economy was driven by essentials, it would mean we were in a VERY VERY bad place. Luckily, our economy is mostly based on luxury items, by world standards.
I certainly don't believe everything should be based on essentials, but when very little growth is from honest to god innovation which produces more or better of something, and isn't valued based solely on its anticipated future returns, or isn't based on innovation which only extracts more from the consumer while providing the same or less in return, I'm a little pessimistic. One day somebody who does innovate will…
That's why free markets drive innovation, and the usual motivation for innovation. Innovation is expensive, so it's tricky to do without return.