The efficiency of basic income compared to minimum income schemes

Abstract

Minimum income schemes were first implemented in the late 1980s. However, as is evidenced, they failed to achieve their objectives of providing everyone with the basics to live in dignity. Partly as a consequence, basic income is considered by an increasing part of both public opinion and academic research a feasible alternative that could guarantee the material existence of all. In this article, in order to observe how a basic income behaves when minimum income schemes fall short, we conduct the first logical and comprehensive scientific contribution to the technical problems preventing minimum income schemes from fulfilling their objectives. This analysis illustrates how a basic income, because of principles of universality, unconditionality and the possibility of combining with other sources of income, is more efficient than minimum income schemes in addressing the aforementioned limitations.