Theoretically, when an economy is fully competitive (i.e. has no market imperfections like externalities, monopolies, information or power imbalances etc), the profit motive ensures that resources are being allocated efficiently.
Michael Moore's film Sicko, for example, attacks the healthcare industry for its alleged emphasis on profits at the expense of patients.
[5] The Catholic Church's Compendium on its social teaching argues that "environmental protection cannot be assured solely on the basis of financial calculations of costs and benefits.
"[6] Pope Francis, in his 2015 encyclical letter Laudato si', adds a rhetorical question to this text:Is it realistic to hope that those who are obsessed with maximizing profits will stop to reflect on the environmental damage which they will leave behind for future generations?
[8] Free-market economists argue that the profit motive, coupled with competition, often reduces the final price of an item for consumption, rather than raising it.
If that sounds pretty skimpy, remember that it is collecting that penny on every dollar at several cash registers simultaneously and, in many cases, around the clock.
On a 1979 episode of The Phil Donahue Show, Friedman states, "The world runs on individuals pursuing their separate interests."