The West limiting itself will only destroy our mental health and creativity in a moment where both are needed the most to fight old enemies such as Russia, China, India etc. But also to fight new enemies such as climate change.
There is a reason why monks don't come up with world-changing inventions. Necessity is the mother of invention after all.
We invent stuff to keep improving our quality of life, that is a complete different approach than regressing and limiting ourselves which has never worked and never will.