The large number of empty apartments being rented 3-4 nights a month on AirBnb in most large cities seems to indicate otherwise.
The CPAP machine "jailbreak" posted here yesterday seems to indicate otherwise.
The large quantity of food going to the trash every day seems to indicate otherwise.
I agree that there is a "fixed" amount of stuff out there, but it's far from allocated efficiently. I think it's time we recognized that.