I’m not quite sure how we would hedge against 70% acquifer depletion, climate change or soil degradation, but a more honest conversation about the need for a hedge would be a start.
And looping back to your question, how to tell the difference between the Malthusian and the correct...and realizing you are essentially asking how to work out who is right and who is wrong about an unknowable future...maybe we look to how honest they are about the inherent uncertainty in any predictions made about the future, and secondly about the need to take risk mitigation steps to avoid worst outcome scenarios.
Equally flawed is taking on faith that technology will save us from ourselves.
I sort of feel we need Malthusian pessimists to warm us when we are heading for the cliff. The Green Revolution, and what it achieved in India and elsewhere, was achieved in substantial part through public investment in research. I guess we’re all rather glad we didn’t continue blithely believing the Gods would save us from the Malthusians! Right now, the Malthusians are warning us of the physical limits to further crop productivity increases. I’d take this as a signal that we need to start investing in solutions!
This paper, by the British Warren Buffet, explains the problem and is well worth the read if you have the time. It’s well-written so not as daunting as it’s length otherwise makes it look.
https://www.gmo.com/docs/default-source/research-and-comment...