Our understanding of the optimal economic model is often oversimplified and stylized by the left and right, alike. "The wealth that results from private enterprise is very much a social construct." - This is a fascinating read - I do not know if the data cited paints a robust picture and there is a question of causation about the gains in quality of life of people in the US in the post-war era. Thoughts?
A discussion between the father of modern finance, Nobel prize winner Gene Fama, known for the Efficient Markets Hypthesis and his colleague and father of behavioral economics, Richard Thaler, of Chicago Booth, dissecting this question. http://review.chicagobooth.edu/economics/2016/video/are-mark...