It doesn't really limit consumption. I think it all boils down to efficiency. We currently don't worry about it near as much as we should because we don't have to. Being able to produce things more efficiently and the spread of technology over time might be able to save us. It might also lead to a faster destruction. Only time will tell.
I doubt we'll see anything drastic in our lifetime, unless we increase our life expectancy by a significant amount.
similar thoughts to what UB stated above, I just don't think many people really care.
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