Threading this a little further, similar to how artificial controls create the boom/bust market cycle, similar artificial controls (think government/religion) create the cycle you describe, I think.

If we are always thinking critically about our actions, and teaching future generations to do the same, extending time horizons, etc., then that boom/bust cycle could be muted or prevented, provided external controls on thought are minimal.

Just my thoughts. I think your cycle doesn't have to be a given.