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I don't think it's the wrong question. Profits exists in every society and many countries are capitalist or have their own flavor of capitalism. If the idea is to create a system where those who excel are rewarded, then profits need and should exist. In a capitalist economy, this drives better products, better services, etc. Additionally, the opposite of profit (loss), serves as a great metric to determine whether something is worth doing. If the customer wants a pure gold toilet, but only has $50 to spend, your going to offer them spray paint instead of the real thing.
There are some bad apples that abuse profits, and disproportionately hoard all the value, but I'm looking to discuss my original question.
I'd argue a meritocracy is impossible. how does one determine the best person at writing marketing copy, or mowing lawns, or cleaning gutters? You end up creating a race to the bottom of speed, price and lack of safety or security. Only the most ruthless, manipulative, careless end up winning.
Profit is excess — so it's not a natural byproduct. No one ever lowers prices, but you can, no one ever splits out excess wealth to workers but you can. It's not impossible.
I'd ask you does captialism create a better product? We're here on Lemmy, so its especially pertinent to ask whether reddit was better as a free product for the benefit of everyone, or is it better as a for-profit model with ads, gold, awards, data vending, paid tiers etc?
Same for privatization of railroads, water, power. When is an example of (long term) improvement of private ownership?
Same for Healthcare, why is it better to have more expensive service, less access, more barriers but a better paid middleman?
The current way we determine those things are clickthroughs for marketing copy, ratings or repeat clients for landscapers and gutter cleaners. I've definitely hired someone before and said, damn they did a good job, I'd have paid more for that.
I'd disagree profit is excess. At most companies, if a product or job is profitable, the extra money is used for R&D, taking risk on new things and giving bonuses to people who really stood out. Profit is required for products in services so then you can reinvest and provide more value to users.
I think that capitalism generally does create the best product. In the US we are leaders in technology, research, aerospace and infrastructure. I'm not saying we are #1 in everything, but the process does work and time and time again companies and countries use products developed from the US.
The most talented people in their fields come here because they have the ability to earn money for their talents. While it's not a perfect meritocracy, generally the best in their field stand out.
Regarding healthcare, railroads or other private services. The best thing is that they are private, and if something comes to disrupt the status quo you are free to take your dollars elsewhere. Same thing with lemmy; while I'd argue reddit (at the moment) has a lot more engaging and varied content because of it's user base, I chose to stick with lemmy because I like it's value propositions.
Privatisation isn't terrible, look at what SpaceX has done, completely turned the space industry sideways. For healthcare you have new companies like Oscar, which have given people immediate access to telemedicine. In Japan, the Japan Railways (JR) is a massive private railway organization that provides bullet trains and local trains across the country: it can be done.