Politics - which includes economics - is a much bigger challenge than AI.
We've completely transformed our understanding of science and technology, but our political and economic thinking would be recognisable to a Roman senator and a medieval banker.
Politics and economics are still waiting for a Copernican revolution. Our survival prospects as a species are limited until that revolution happens.
It doesn't generate its own pachinko balls, that's utterly orthogonal. Free market capitalism is what you DO with a population that has disposable income. You can't feed the bottom of it into the top, it doesn't even work that way.
It's not even optimal for reaching the highest developments of ideas and inventions, because local maximums will starve out the newer ideas that need to grow and become competitive. It does nothing about network effects and tends towards monopoly.
But it's a fantastic distribution mechanism for the wealth of existing populations: no overseer required! Within some known limitations it works very nicely.
NO wealth is ever created.
An hour spent watching a football game is an hour less committing crime or doing other unsavory acts.
But agreed - that person would win all the Nobel Peace prizes.
Not for the vast, vast majority of people watching football. Most people aren't engaging in crime or "unsavory acts" whenever they have to entertain themselves.
I think mass entertainment is definitely for the greater good, but not because it reduces crime in any appreciable fashion.
Not to mention the good social bits of being a fan of something and being able to bond with strangers over fandom.
Even so, an individual can often choose to push for the greater good within the confines of free market forces.
A footballer can use their image to promote organizations that do good. A SaaS owner can help their customers become more secure and efficient. Lawyers can push for better oversight and reform.
Maybe we can't all be Elon, but we can all try to improve our surroundings.
Maybe I'm too young and naive, but I think it can be done.
But if you look at the worst offenders, you'll see that the professions that take the most profit normally also take the most power. And in yielding that power, they have a big share on the blame of making their negative utility profession lucrative.
If anyone ever figures out a way to make the free market choose the greater good they will win all the Nobel prizes forever (we won't need Nobel prizes after that).