I regularly mention the illusion of false scarcity. My line usually goes something like, “It’s not a resource problem, it’s a technology problem. The best example is oil. Should Earth ever actually release all its oil for human consumption, any of the several substitues already known could be a viable replacement. Or something new will be found. If we put our minds to it.
What happens when the technology works too well? In Belgium and around the world, milk prices have dropped very low. At the current price, supply exceeds demand. In other words, for $4 per gallon, farmers will make more milk than people are willing to shell out $4 for.