Why Capitalism Can't Survive AI

People have been predicting that machines would take all the jobs since the invention of the power loom. So far, they've been wrong every time. I'm going to make the case that this time really is different.

What happens to the economy when AI layoffs start? What are the realistic scenarios, and why will the standard government responses fail?

Universal Basic Income is what most smart people assume is at least part of the solution. It's not. And I don't mean insufficient or politically difficult. I mean the math doesn't work.

Every argument for UBI, followed all the way to its conclusion, ends up being an argument for public ownership. There's exactly one arrangement where the math works.