It'd depend on industry. We wouldn't suddenly lose the technological advancements of the last 40 years - we'd still have cheap TVs, cheap computers, mobile phones, the Internet, etc.
However, sectors where productivity hasn't risen that fast - like health care, elder care, mental health services, natural resources, etc. - will encounter sharply rising prices as there are too few workers to provide services to everyone who needs them. The market is a way of allocating resources to those who are willing to pay the most - so those with resources will still be able to afford them, but will end up liquidating a lot of their investments for it, while those without assets will just have to go without. In the process, the exodus of cash from financial markets to health & elder care will drag down asset prices in general. It'll be a good time to put money into the market, but a bad time to have money already in it.
You're saying that the rate of growth in the standard of living would be curtailed, and that the degree of curtailment would be sector dependent? If so, then I definitely agree.
However, sectors where productivity hasn't risen that fast - like health care, elder care, mental health services, natural resources, etc. - will encounter sharply rising prices as there are too few workers to provide services to everyone who needs them. The market is a way of allocating resources to those who are willing to pay the most - so those with resources will still be able to afford them, but will end up liquidating a lot of their investments for it, while those without assets will just have to go without. In the process, the exodus of cash from financial markets to health & elder care will drag down asset prices in general. It'll be a good time to put money into the market, but a bad time to have money already in it.