The scarcity could be greatly reduced using advanced technology such as molecular nanotechnology.
This is expanding upon the cornucopian view
Here is a discussion of the Cornucopian versus New Malthusian perspectives.
I would be classifid as a Cornucopian. I agree that there are physical limits, but they are a lot farther off than New Malthusian's believe. I also think the steady state on earth plan that the New Malthusian's promote is a very bad idea.
With advanced technology we are not near the population carrying capacity of the earth. I believe that the carrying capacity of the earth is over 100 billion people This would be a carrying capacity where most of the area on the earth can be left for nature. We would and should change the primary energy infrastructure to improved nuclear fission (thorium molten salt), nuclear fusion or space based solar power. We would should also use nanotechnology and other means to reduce pollution and waste to neglible levels.
We could also drastically lower the footprint and sustainability by using superior food production. Scale up test tube meat to industrial levels and create superior hydroponics for consumed plants and create sustainable aquaculture.
I believe that we will be able expand into the solar system to allow for a carrying capacity of 10 quadrillion (10^15) people.
We will be able to get into space
The technology will be there. We still have to do a lot of hard work and make the right choices.