Can you suggest reading to learn more about this viewpoint?
To me, the technological advances seem to be a product of the economic system. As long as the economic system can be sustained, then it is likely that human welfare will continue to improve.
It's no question that certain people having exorbitant amounts of wealth allows them to perform technological feats that would not be otherwise possible, but this does not mean it is otherwise sustainable as a system. Increasing debt can provide a short-term boost to industry, but long term there is no way to stop the financial sector from 'eating' the whole economy.
I would recommend picking up First Principles of Islamic Economics by Al-Mawdudi.
To me, the technological advances seem to be a product of the economic system. As long as the economic system can be sustained, then it is likely that human welfare will continue to improve.