It's one valid way of describing the current human predicament, certainly." the term 're balance' is a rather mild description "
when one get to the bottom of it people are protein transformed
nothing is lost , all is recycled
8 billions people are a protoplasm weighing 440 million tonnes
equivalent to a cube of 760 m on the side of ravenous hunger
this is one organism , the largest animated creature on the planet and is eating it all
The problem is that we have really nothing in the historical record indicating humanity is a species that unconsciously and diffidently accepts natural constraints and "rebalances" like that – more running things down to crash and the survivors pick up if possible. It's how we ended up as this 440 million tonnes problem eating everything. If we don't agree on some meaningful collective action somehow, we are going to eat it all.
The OP asked if "government" is the necessary solution. I certainly think government WILL be heavily involved in any kind of solution, but the solution is going to have to be political, as well as technological and economic. And it is going to be economics in the form of some very deliberate "management of scarcity", and one the is quite probably going to have to first face down an economic model built around fast-turnover for-profit business in favour of something rather more long-term and sustainable.