Basic price theory tells us that if we raise taxes on pink camels, then we can force the camels to internalize the costs of riding donkeys and thus save the sleeping princess from waking.
I think the major point is that the natural resources would be all consumed.
Just sayin’.
And I think the major point is that the rest of the planet would produce goods just as efficiently and they would not be. What do you think happens when things are “consumed”? Do you think they just disappear? No. So nothing is really “consumed”, as environmentalists would have us believe, even though if we stop and think about it, we would realize it is simply untrue.
My point is that even if the natural resources are not “used up” or if the Earth had 5 times its natural resources the rest of the world could not live as Americans do. The lifestyle of Americans depends not only on natural resources but also on the division of labor in the world. If all workers made incomes equivalent to Americans, ie their productivity was equal to that of Americans, then the lifestyles would lessen as these worlds would refuse to do their previous tasks at previous rates. So even with 5 times the natural resource bounty it would not be possible for the residents of the world to live at the standard of the residents of the US.
And I am sure that is what people were saying a hundred years ago. But what do you know, the lifestyle of almost everyone in the world has risen, not gone down, as consumption has increased. So given the evidence, it is more likely the opposite of what you claim.