One of the best concise summaries of the glaring problems of thinking that industrial agriculture a. should feed the world and b. can feed the world is here in the Atlantic Monthly's food blog. It is important to note, as the article points out, that we already can feed a population the size of that predicted in 2050. I myself would question that this prediction will come true.
I have a lot more to say (I always do) but no time at the moment. EXCEPT to add that industrial agriculture has little more to do with sustaining human life than creating feed for anonymous units with the labor of anonymous units, be they human or machine.
Technology has done some wondrous things. Now we need wisdom to control it.