Dave,
I beg to differ. I have a degree (only a "Desmond", granted!) in Economics so I know a little about this.
It is another fallacy that wealth derives from labour.
Labour "adds value" or marketability, but does not necessarily create wealth.
Wealth is subjective and open to the whims of the 'market'.
Wealth is comparative rather than absolute.
While it's true that there is almost a universal standard for wealth and prosperity, in terms of what one can purchase with what one has, it will ultimately boil down to a mutually acceptable medium of exchange, rather than the any value-added component.
The labour in this floating tub of Kitsch has not been appropriated for a "scocially useless purpose".
It fed the people who did the work, housed them, kept their families, allowed them to spend the wages they earned so other's could do the same, and generally (apart from savings) went into circulation.
Money is a unit or medium of exchange with a specific value at the time.
Its value is derived from scarcity or utility.
Having a lot of 'cash' or gold or silver or copper etc., makes you wealthy as it can be traded for goods and services of all kinds depending on the time and circumstance.
Having a lot of "value-added" goods, does
not necessarily make you wealthy. I doubt I could get 1/4 of what I paid for most of my stuff.
Reaganomics was different to the printing-press inflation of the 20's and 30's. The policy, fostered for 30 years, allowed for the coverage of debt without actually printing the cash or nominating another exchange medium.
Had the opposite been true, we might not have been "Bush"-whacked by the GFC.
Despite the fact he is French (

), I have to agree with Marc.
Never in the history of mankind has here been a society where the appropriation of money or property or restrictions on productivity, produced more misery for more people than "free-enterprise".
One merely swaps one set of power-hungry rulers for another without the benefit of being able to improve one's circumstance through initiative, talent, hard work or intelligence.
"From those according to their ability, to those according to their needs"
Who decides 'ability, and who decides 'needs'????!!!!