2024

Universal Basic Income as a Social: Policy: Evaluating Economic and Social Outcomes

Author(s): James Carter

Abstract

This study examines the economic and social implications of Universal Basic Income (UBI) using a mixed-methods approach. Data were collected through a survey of 2,500 participants, evaluating their employment status, financial security, and well-being before and after UBI implementation. Additionally, a computational general equilibrium (CGE) model was employed to simulate macroeconomic effects, including employment shifts, inflationary trends, and GDP fluctuations under different UBI funding scenarios.
Results indicate that UBI leads to a modest decline in full-time employment (-1.5%) while encouraging self-employment (+3.9%) and part-time work (+2.2%). Financial security improved for 78% of respondents, and 61% reported increased happiness levels. Additionally, preventive healthcare utilization increased, leading to reduced healthcare costs, and education enrollment rates grew by 6.3% among lower-income individuals. The CGE model suggested a slight inflationary impact (+2.1%) under tax-funded UBI schemes but found minimal inflation in a redistribution-funded model.
The findings suggest that while UBI enhances financial security and well-being, its sustainability depends on well-structured funding mechanisms. The study concludes that UBI has significant potential as a social policy, but its long-term economic impact requires further investigation. Future research should focus on hybrid models integrating UBI with existing welfare systems to balance economic feasibility with social benefits