Increasing market utility under capitalism says nothing about increasing the quality of life of the market agents - it says nothing on the role of happiness or quality of life in a free market.
Are you claiming there is some huge gap between utility and happiness/quality of life?
Note that utility is defined as what people choose for themselves. How do you define happiness or quality of life?
...and what agents in capitalism care about (eg, profit).
You make the same fallacy the OP does. Agents in capitalism care about utility, not profit.
See this piece I wrote a while back, for example, which explains why we have such a large leisure class in America in a purely utility maximizing framework. (Hint: profit != utility.)
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Increasing market utility under capitalism says nothing about increasing the quality of life of the market agents - it says nothing on the role of happiness or quality of life in a free market.
Are you claiming there is some huge gap between utility and happiness/quality of life?
Note that utility is defined as what people choose for themselves. How do you define happiness or quality of life?
...and what agents in capitalism care about (eg, profit).
You make the same fallacy the OP does. Agents in capitalism care about utility, not profit.
See this piece I wrote a while back, for example, which explains why we have such a large leisure class in America in a purely utility maximizing framework. (Hint: profit != utility.)
http://www.chrisstucchio.com/blog/2011/why_the_poor_dont_wor...