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The whole point of capitalism (unintentionally?) is to make everything so efficient that there no longer is a reason to have profit.
The point of capitalism is that the aristocracy hated the idea of having to work for their money, like the rest of us. So, they came up with a system so brilliant that the rest of the population had to be starved, dispossessed of their land, branded, imprisoned whipped and sent to workhouses until centuries of generational trauma knocked the fight out of them.
It was never about utopian efficiency, although it is touted to be the benefit now. The problem is, people don't realise that the "inefficiency" they look to do away with is all the people below the top having more than just enough to live on. We have nations of workers who have been convinced that they should run their countries as if they were shareholders of it.
And they call socialists utopians.
the point of capitalism is to make it so that there's no longer a reason to have profit.
That's gotta be the stupidest take I've seen in the whole 28 days I've been in Lemmy, congratulations. The whole point of capitalism is the revalorization of capital, i.e., a capitalist owner having $1mn, and investing it into a company or finance or housing to turn it into more than $1mn. In what universe is the objective of capitalism to eliminate profit?????? It's the polar opposite...
People are greedy and given tools that make it easier and easier to start more and more types of business, profit margins will continue to get thinner and thinner as competition increases to keep portfolios growing.
Standards of living will continue to rise(average over time as it always has) as the amount of human labor hours needed to maintain the standard continues to drop. Fully automated food production is not that far away. When that happens there will be a large incentive for more and more business startups as food producers with very low cost and very low profit margin. Competition will keep prices extremely low to the point that individuals may be able to produce their own food as the process gets cheaper and more efficient.
profit margins will continue to get thinner and thinner as competition increases
Competition doesn't increase under capitalism, it decreases as a consequence of economy of scale, consolidation of markets, corruption and many other reasons. Tell me how competition fosters when Amazon, Google, Walmart, Apple, Uber and the rest of big firms control all their respective markets.
Your second paragraph is a senseless utopian dream not based on reality, I won't even bother arguing against it.