It's not economics, it's an understanding.

In 1942, Joseph Schumpeter asked, "Can capitalism survive?"  "This prophecy has been unfolding over the last few decades with the slow decay of capitalism as reflected in the rise of the welfare state and increasing regulation," wrote R Saraogi. Schumpeter predicted that hostility towards capitalism will be led by the intellectual class, which grew from literacy, made possible by the printing press which was created by capitalism. "But why does the intellectual class bay for capitalism's blood?" Because, "Capitalism is an evolutionary system in which old methods of production are destroyed and new methods introduced by recurring cycles of entrepreneurial energy." Called "creative destruction". "The only policy that seems capable of significantly countering the dissatisfaction espoused by liberals is universal basic income (UBI)." Curiously, many billionaires in the US have publicly supported UBI. Just three men, Bill Gates, Jeff Bezos and Warren Buffett, "are worth more than the 160 million poorest Americans, or half the population of the United States". Prof Y Varoufakis is an ardent supporter of a universal income for the poor but thinks, "If a universal basic income is to be legitimate, it cannot be financed by taxing Jill to pay Jack." So what is his solution? "A simple policy would be enact legislation requiring that a percentage of capital stock (shares) from every initial public offering (IPO) be channeled into a Common Capital Depository, with the associated dividends funding a Universal Basic Dividend." UBI is a bad idea, wrote M Ezrati, "Because UBI would have a broad distribution, using it to substitute for welfare and other entitlements aimed at the poor would constitute a transfer from those in need to everyone, many of whom are quite comfortable." Similarly, the disabled will lose out to the able-bodied and the old to the young. UBI is a bad idea in India because, "a UBI offering even poverty-line income will cost maybe 10% of GDP, and the entire net revenue of GOI is barely 8% of GDP," wrote SSA Aiyer. "In theory, non-merit subsidies could be abolished, freeing funds for UBI. In practice, politicians dare not eliminate existing freebies, and keep expanding the list." UBI will not increase well-being, good jobs will, wrote A Maira. The government should eliminate restrictive labor laws and give tax relief to companies which employ more people than spending on automation which reduces employment. Automation increases productivity in manufacturing without much reduction in jobs. There is a shortage of skills in Indian workforce because companies are not interested in spending money on training their workers who maybe poached by other companies, while most workers are too poor to attend private training institutes, wrote A Ranade. Handouts are a contract between politicians and the poor. We will distribute taxpayer money so that you enjoy a higher living standard and in return, you vote for us so that we can enjoy untold luxury of life in Lutyens Delhi. The taxpayer is an onlooker.