The other problem with the idea of maximising production is that our ideas of wealth and poverty are relative. Compared to the 19th century, most of us in the western world live like lords, with hot water on demand and electric lighting. The more we can produe, the more we consume, and the more we expect to be able to consume.
It's like the old predictions that one day we'd only have to work two or three days a week. I suspect that if we kept modern production methods, but were prepared to live like the victorians any way, that level of reduced labour would be enough to meet our needs. Yet here we are, manufacuring god knows how many times more than Adam Smith ever dreams of, and still the homeless are on the streets because those with the ability to take feel entitled to take so much more. And those that don't have the ability to take find themselves scratching at the leftovers, which have increased only a little.