“And that there is a limit to how much can be made from a diminishing supply of resources.”
The problem with your reasoning is that we do not face a diminishing supply of resources.
As a practical matter, our resource base is unlimited for at least hundreds of thousands of years.
The earth does not limit our resources.
So they're giving away ocean front property because there's so much of it?
And we can go back to burning autumn leaves and removing pollution controls from cars because there's so much fresh air?
Shall I go on?