why it can't work

1) Technology isn't constant. Therefore, the supply isn't constant. Unless you think that the lack of a desire to have more will also keep technology constant. But, that might be nirvana but is it life? (rhetorical)

2) The problem of death. People WILL turn to excess if and when they think they have little more time to live, just as to be able to "experience it all". You will therefore be unable to completely eliminate sources of greed / ambition - even though, admittedly, this version might be more benign than other versions.