The speaker argues that substantial expansion in consumption of existing goods is possible, pointing to wealthy people who enjoy millions of dollars without apparently experiencing sharply diminished marginal utility.

“GDP per capita on average in the world is 10k a year or something,”

“And there are people who enjoy millions of dollars.”

“And so there's a gap between what people enjoy and like”

“don't seem to be super diminished in terms of marginal utility. And so there's a big room, there's a lot of room on just purely the intensive margin of just consuming the things we consume today.”