In my opinion this will be a good thing as so much of the economic "growth" we see in the world today is a vacuous re-packaging of frivolous fancies to meet imaginary needs fueled by an incentive to spend currency that is always losing value. Things that satisfy a genuine pressing need will continue to be invented, bought and sold and this is all that is necessary for a vibrant healthy economy.
I totally agree with you. The current concept governments have on how an economy should work is totally despicable. They profit from the ignorance and compulsivity of individuals who are likely to live an entire life without making any significant financial progress, because they spend more than they earn in worthless stuff, endorsed by celebrities and influencers they put on an altar. And there are very few people with enough reach to try teaching something different to the masses, as the most influential ones just want to maintain the gears of the system working smoothly.
It's not possible to say if the scenario you mentioned would be the solution for the current problems we face. But someone must try, and to get rid of being a slave of fiat inflationary system seems to be the first step.