That is one extremely confused and unhelpful way to express our predicament! Private property and capital and competition and the invisible hand of the markets are all perfectly adapted if, and only if, the cost of externalities is accounted properly, and the net present value of one more mega-SUV idling in a jam is just damn paid for.
What part of economic activity is still a positive once all accounting is done, I don't know, but I do know everyone will still have needs and wants.