First I have to clarify that the wants of human beings are actually a criteria in this approach. So it definitely does not mean that everyone is fed the right kind of porridge and everyone sleeps in optimized dorms with bunk beds. This approach might fill the biological needs people have but not the psychological and social ones. All needs are taken into account and partially from an individual perspective.
Using this approach we can take solid scientific models such as the Maslow hierarchy into more practical use. Our goal would obviously be to allow every human being to reach the highest level. To be able to do something motivating, to better themselves, to be creative. But I want equality which means that we should first fulfill the two lowest levels in the Maslow hierarchy for everyone. These are physiological needs and safety. We claim our civilization is advanced and so great but still we have BILLIONS of people in the world who do not have even the basic needs met adequately.
A sane approach to society is to make sure the lower level needs are being met and then we can focus on giving everyone the opportunities to reach the highest level which is self-actualization. This approach is beneficial to everyone because it reduces crime in society, increases trust among members of society, increases mental health, physical health etc. Everything that REALLY MATTERS go up. Now we live in a society where we get kicks from our profits soaring, GDP going up, all the while the indicators that really matter go from bad to worse.