Using your model, no technological development would ever occur because the fact that something had not happened yet would indicate that it could not possibly happen due to a lack of resources. This is the anecdote about two economists walking down the street and refusing to pick up a $100 because everyone knows that in an efficient market, someone would have already picked it up.

At some point the resources necessary for development are there but the technology itself has not actuated. This invalidates your original claim that: "Anything that could be automated but isn’t automated is because it isn’t cost effective to do so or there is insufficient capital to invest."