Increasing total prosperity is the wrong goal if distribution is completely unregulated. Investor and real estate owning classes like the 1% get more, the salaries can trend down because food costs are down, in a deflation spiral the youth are perpetual dependents and/or debtors who can't possibly earn enough over day to day costs given global competition includes people with no debts or debts from an economy that was less wealthy.

When and where has that ever happened?

Btw, most countries have taxes and welfare anyway.