Though I agree with the normative claim behind what you are saying, it is not descriptive. The economy should exist for the people; it does not now. And making it do so will be very difficult, short of the invention of Culture style Minds.

Imagine I said the following: "The ecosystem exists for the welfare of the animals." This would strike you as absurd.

The economy exits because of people; it does not exist for people. In the limit of perfect competition, we should expect a race to the bottom, provided imperfect coordination.