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That is a good point. One of the reasons historians tend to claim as to why the industrial revolution occurred in 18th century Britain and not Ptolemeic Egypt (where there is evidence of machines like steam engines) is that ancient Egyptian labor was cheap, which meant more profits for ruling classes while the people had jobs.

It is worth noting that Egyptian prominence is directly due to the abundant resources of the Nile, and presumably, with technology displacing natural abundance, there could certainly be more for everybody. Famines are more often a result of policy, and rarely because food is so scarce that no-one can eat (ex: Ireland and India under British rule)