This 15 minute video explains, clearly and concisely, why the current economic model, with human labour at the centre, will very shortly need to be abandoned in favour of an entirely different approach:

In the very near future there will quite literally not be enough jobs to keep the population employed. Automation will reach such levels that whole swaths of the workforce will become obsolete.

As a result, millions of people will find themselves unemployed and, more importantly, unemployable.

Millions of people who will have no income and will depend entirely on welfare from the state. That is of course entirely unsustainable and undermines the foundation of consumption that underlies our current economic model.

Something will have to change. We already live in a post-scarcity society when it comes to food, but foods are not evenly distributed, which is why poverty still exists.

Automation will make a mockery out of any kind of scarcity (thus further undermining capitalist market economics), so we should abandon all economics that depend on scarcity and market forces.

We should embrace our inevitable post-scarcity world and create structures that enable free distribution of goods and services to those who need it.

This is of course a radical departure from how the world works at the moment, and vested interests (i.e. those who thrive in the current capitalist model) will resist with every fibre of their being.

Before things get better they’ll first get much, much worse.