The laws of supply and demand will move fast enough to ensure disaster is adverted.
On this point only, can I agree with you (at least with the sense of your typo): The disaster will be advertized (:-()
The speed of global communications means the disaster will be known about very quickly.
Enough flim flam.
Your simple economics model is for simple minds: "If steak gets too expensive, you can buy chicken cheaper"
As resources get scarce and harder to extract, the price rises.
Possibly very true for quick responding consumer trinket markets, but quite the wrong theory (as in too simple) for high stakes long term resource extraction.
As these resources gets more expensive to acquire and becomes less reliable (more of a gamble vs a good investment) as the required LONG lead time, development of newer lower grade, more expensive resource reserves REDUCES as the investment is seen as poor. This is happening today to many non renewable, vital-to-civilization resources.
Example: If oil 'runs out' (as in gets too expensive due to decreased production due to expensive exploration not done) how fast is your definition of fast when the american auto fleet has to convert to electric vehicles?
The oil majors to satisfy their pension fund shareholders require good quarterly figures and are selling off assets as the high stakes gambles on finding more, easy oil have not panned out over the last couple of years. And it's getting worse, fast.