It's possible, but there are a few things to consider. First, once production of a resource (say, silver, the best conductor) peaks and then declines, the price will steadily increase, thus lowering demand and making production more likely to level off. While this still results in us having to make do with less resources, it avoids the sudden crash that would come if production were to proceed at full capacity and then suddenly hit a dead stop.
Nevertheless, at that point we'd have to either figure out how to make do with less, or come up with an alternate (and probably synthetic) resource that is more efficient and plentiful. There's always someone looking to stay ahead of the curve, you know.
edited 16th Sep '13 6:50:30 PM by BrainSewage