I asked chat gpt what system it think would produce a system where most people are happy and it suggested the same system as in nordic countries:

If the objective is high average living standards while keeping poverty, insecurity and extreme concentrations of power relatively low, one model worth looking at closely is the social-democratic mixed economy used, in different forms, in the Nordic countries.

It is still a market economy: people can own companies, become wealthy, invest, compete and make profits. But the market is constrained by institutions designed to spread the gains more broadly:

• private enterprise and competitive markets for most goods and services

• strong unions and collective bargaining, so workers have negotiating power rather than relying entirely on employers

• universal healthcare, education, pensions and social insurance

• relatively progressive taxation and substantial redistribution

• unemployment protection and retraining, so losing a job is less catastrophic

• regulation of monopolies, workplace conditions and environmental damage

• publicly provided infrastructure and services

• usually some combination of public, cooperative and private ownership rather than insisting everything must be privately owned

There is empirical support for several of those mechanisms. OECD research finds that taxes and transfers substantially reduce market-income inequality, although the effect differs considerably between countries.

research finds that greater collective-bargaining coverage is associated with smaller wage disparities, and that labour-market institutions can counteract some of the inequality created by concentrated employer power.

Nordic tax-and-benefit systems have historically produced comparatively low poverty and inequality after taxes and transfers, together with high employment.