alt Hacker News> as long as people engaged in a market make their own choices, then money is a direct measure of happiness on the margin
That is a big if which is straightforwardly false. This idea of market participants' choices being entirely free rests on the efficient market fallacy [0]. Whereas the reality is that even the structure of a market itself creates friction. One of the main points of business schools is learning how to recognize and take advantage of this structural friction, which business people then conveniently forget when it's time to assuage their own egos regarding their counterparties.
[0] which is basically in the realm of asserting P == NP. The supreme irony is that if the efficient market fallacy were true, then central planning would also work as well!
>This idea of market participants' choices being entirely free rests on the efficient market fallacy
in an inefficient market, you can still choose to transact or not, and you will only do so if you feel you will benefit.
in an efficient market, the net benefit across society will be higher, but nothing in what I said requires an efficient market.
so you are simply wrong.