Shortages cause price increases. Price increases make it more economical to pay up-front costs to develop technology whose per-unit costs permit extracting a profit compared to competitors who are not as technologically advanced, who die out and are replaced by new competitors who buy the technology off-the-shelf and reduce the price further in second-mover advantage, back down to the now-lower per-unit cost. Eventually demand develops to the point where there is a persistent shortage again and the cycle repeats.
The question is, what are the theoretical limits?
Will we run out of oxygen? Unlikely, the CO2 we breathe out can be recycled back into oxygen. Water? Also unlikely, for similar reasons. Food? With hydroponics, we're no longer limited by the amount of land we have, and it's renewable. Energy? The Sahara is a vast, untapped source of solar electricity which we haven't tapped because a) transmission lines are too expensive and b) security is too expensive. When energy costs rise enough to make those costs economical, the free market will get the underlying infrastructure built, and then we're good to go.
So yeah, growth will continue.