Back to the original topic. Knowing the way dwarves deal with animal overpopulation and the way players tend to mass-draft immigrants into the military, it would most likely result in something that lies somewhere between A Modest Proposal, Nazi Germany, Soviet Russia and your run-of-the-mill cyberpunk dystopia.
Everyone would be drafted into the army to fight other nations for their precious resources, and would be turned into rations when they fall in battle, along with any enemy slain. Surplus people-patties would be sold to the private market at a rate determined by the size of the working class. If it is too small, they are made affordable, but taxed heavily. If it is too large the prices are increased to exorbitant heights so that only the wealthy may afford it (and taxed heavily), starving the peasantry so that more meat is produced and they don't further drain resources (see: holodomor). They are forced to accept starvation or enter into the military for the free rations. Peasantry caught stealing food, poaching wildlife or unlawfully butchering other citizens when honest alternatives were available are executed and converted into food. This is naturally seized by the government to sell back to the upper-class (TAXES), or sent back to the army if food becomes scarce. It is brutally efficient, and if anyone questions your meatocracy you can remind them that you're the one putting food in their mouths.