Basic Income, Limitless Outcomes
I credit a lot of my thinking on futuristic economic systems to progressive economists such as Rutger Bregman, Kate Raworth and Guy Standing. Their work has challenged conventional economic wisdom and opened possibilities for reimagining how our societies could function in the twenty-first century.
Alongside the 'four-day workweek', the Universal Basic Income (UBI) was one of the first 'progressive' economic concepts I came across in my research. The UBI concept is rather straightforward: a government programme in which every adult citizen receives a set amount of money regularly, no strings attached. I know, it sounds too good to be true.
Despite a few successful pilot schemes with small-to-medium sized populations, the million-dollar question remains: how to fund such a programme on a universal, wide scale? I suppose that's why it's often relegated to the realm of utopian ideals. Most proposed solutions involve tax adjustments or sovereign money creation, but neither seems entirely sufficient. The UBI appears difficult to implement, and governments understandably prefer predictability—or where possible, incremental developments—given their aim of political re-election.
Why a UBI in the first place? Well, why not? The most fascinating thing to me about the UBI has been its bipartisan appeal. The goals of a basic income system are primarily to alleviate poverty and to replace other need-based social programmes that potentially require greater bureaucratic involvement, thereby fulfilling both progressive and conservative ideological preferences. Despite concerns regarding its implementation, the possibility of receiving a monthly income simply for existing is quite literally the dream. Who wouldn't want that?
My conception of a basic income isn't inherently universal, but an age-specific basic income scheme. Allow me to provide context.
I've had many conversations recently where I referred to the current Gen Zs—myself included—as 'baby adults'. By that, I mean we're at the very infancy of the adult lifespan, and understandably have little figured out. A 21-year-old and 27-year-old should not be heralded with the same expectations despite being only six years apart. Ergo, I refuse to believe 21- and 41-year-olds are equally regarded as 'adults' for reasons beyond legal identification.
Yet, the existing systems are designed for a seamless transition—from basic education to higher education and subsequently to the workforce—which is proving increasingly unrealistic and unsustainable. Governments fail to factor in the structural inequalities, diverse preferences, and unintended consequences associated with the existing systems which may create difficulties adhering to the normalised pipeline.
Moreover, we possibly underestimate the integrality of 'productivity' to one's personhood in the current systems. The education-to-workforce pipeline is built upon the principle of 'persistent productivity' whereby one must be permanently doing something widely perceived as 'useful'. In most cases, this is either education/upskilling—with the aim of monetising the skills or improving one's employment opportunities—or work itself. There's a third option whereby a person desires either a) the opportunity to upskill or b) work itself, but lacks the resources or pathways to do so.
The issue isn't the notion that one must work. Work predates modern civilisation and is likely innate to our 'humanness'. However, the issue remains the expected adherence to a seamless transition in a world with which such a system is less compatible. In other words, there is little to no time to simply 'vibe'. The outcome? A generation experiencing burnout either by work, or the chronic guilt from not being in work.
The progressive economics concepts aren't radical, but simply acknowledge the necessity of updating certain aspects of modern socioeconomic systems to be more compatible, desirable, and ultimately sustainable.
As I stated earlier, my conception of a basic income isn't necessarily for all adults, but should exist specifically for adults 21–25. Such a proposal could exist as an opt-in social programme. The reasoning is multifaceted and, I believe, compelling:
- Firstly, it's time-bound and whilst unconditional, not permanent. This isn't an endless commitment from the state—it's a targeted intervention during a critical life stage.
- Secondly, it's highly feasible, of course depending on the population composition and existing tax structures. We're not talking about funding the entire adult population indefinitely, thus this is a far more manageable proposition aligning with existing tax structures.
- Third, as an opt-in scheme, it's unconditional, but not required. Freedom of choice remains central to the concept.
- Fourth, an age-based basic income could significantly improve mental health outcomes: reduced acute depression in the short-term and potentially reduced burnout in the long-term. It's hard to say, but I wouldn't be surprised to learn if this causes a prolonged decline in suicide rates given its prevalence amongst young people.
- Fifth, adherence is easily monitored as many governments now implement National Insurance identification systems. The administrative infrastructure largely exists already across the board.
- Sixth, and most of all, it could forecast the economy's potential through dynamic scoring and enable more efficient long-term economic policy. This isn't just about supporting young adults, but about potentially gathering valuable data which could transform how we understand economic behaviour and plan for the future.
Above all, an age-based basic income scheme could provide a more measured transition from education-to-work which better aligns with the existing state of things, given that our current systems didn't account for advanced factor substitution, exponentially increased inflation and prolonged unemployment rates.
Whilst the UBI may not be able to be utilised for all adults—and certainly not across all countries—it's highly possible a basic income scheme could be implemented across multiple nations given its bipartisan appeal. I'm not necessarily suggesting this is the economic panacea that will solve all our problems, but it could be a significant step in the right direction. Whilst unable to wholly eradicate poverty, an age-based basic income nonetheless provides a useful safety net which could significantly lessen poverty in the long-run.
The possibility of such a scheme truly has limitless outcomes, many of which I can't explore for the sake of brevity. I welcome other researchers—particularly those with a background or interest in econometric models—to build upon and potentially create such a framework. After all, the true test of any idea isn't in its conception, but in the myriad ways it might transform our lived realities.