Such a state would after a while develop social unrest because it would create two seperate classes of people. The ruling working class who will just wall themselves from the rabble. Who will continue to lose comfort of life because of massive overpopulation.
The most important fact is that our society wouldn't survive something like that, because the world needs a clear definition on work for anything to have value.
Lets not try to great a society where there is no happiness, when we have a society where some hapiness can be found.
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