Quality of life is extremely strongly correlated with per capita GDP. They already led the world in standard of living in 1967, at the end of their free-market/high-growth era.
Bud, that was over 50 years ago and they still have the reputation as one of the best places on the planet to live and raise a family. They're clearly doing something right, and if you zoom out and look at the big picture, we're clearly doing something wrong.