The biggest increases in quality of life comes from public health measure such as access to clean water, food and air. The next is protection from the elements with access to adequate clothing, shelter and fuel. After that I would argue that trust in the integrity of public institutions (rule of law) and security from the threat of violence and extortion. Then it would be access to education, basic health care to prolong life and reduce suffering.

Beyond that we have basic needs to feel that we are part of a family and community where we are loved and valued (belong) and where we can contribute (purpose).

While capitalism has excelled at improving productivity it doesn’t dictate that the gains in productivity necessarily will increase overall quality of life. I could, for example increase the productivity of food production in ways that may decrease overall public health. In that scenario capitalism would directly decrease quality of life.

I think the arguments on hacker news have mostly been due to a (US) system that has become extremely rigid in that there is less personal choice in how productivity gains may be spent by forcing people into very narrow specialties to maximize income.

In many cases that may result in overall lower quality of life if it impacts long term health or being part of a community.