Price = Cost of production + profit.
Rearrange to get:
Price - profit = cost of production. The product suddenly costs less.
It is impossible to gain profit fairly because it is stealing.
If you are Christian, Matthew 6:24: You cannot serve both God and Money.
If you are not religious, trust your morals.
It is the anti-Robin Hood effect. Steal from the poor, give to the rich. That is what profit does, floats to the top.
Profits guide and channel the factors of production so as to apportion the relative output of thousands of different commodities in accordance with demand. No bureaucrat, no matter how brilliant, can solve this problem arbitrarily. Free prices and free profits will maximize production and relieve shortages ipso facto more quickly than any other system. Arbitrarily fixed prices and arbitrarily limited profits can only prolong shortages and reduce production and employment.
The function of profits, finally, is to put constant and unremitting pressure on the head of every competitive business to introduce further economies and efficiencies, no matter to what stage these may already have been brought.