Authors:
Diya Philip, Falak Singh, Sonia Singh
Addresses:
Department of Economics, Bishop Kurialacherry College for Women, Amalagiri, Kottayam, Kerala, India, diyakarakkattu@gmail.com. Department of Accounting Manager, Dasvin Televenture Pvt. Limited, Mohali, Punjab, India, Falak002singh@gmail.com. Department of Finance, Toss Global Management, Borehamwood, Southern Hertfordshire, England, United Kingdom and Toss Global Management, International City Dubai, SPC, Sharjah, United Arab Emirates, director@tossw.com.
Abstract:
Universal Basic Income feasibility and ramifications are examined in this research paper (UBI). UBI’s tremendous impact on poverty alleviation, economic stability, human capital investment, health and well-being, entrepreneurship, and social cohesion is examined in its pros and disadvantages. This study analyses literature and case studies to teach policymakers and stakeholders about UBI’s potential benefits and drawbacks as a policy tool for tackling social and economic issues. Universal basic income (UBI) might have major effects on GDP, employment, and earnings, especially in the medium to long term. This study supplements existing research by comparing the long-term economic, budgetary, and fiscal effects of alternative policies and historical factors. Welfare improvement is the main goal. This study examines the UBI scenario with other policy options to assess UBI’s transformative potential. Policymakers seeking durable solutions to social issues must understand its effects on GDP growth, employment, and individual wages. This comparative research helps policymakers assess UBI’s ability to achieve larger social goals and its effects on economic stability and fiscal sustainability.
Keywords: Universal Basic Income (UBI); Poverty Alleviation; Economic Stability; Human Capital Investment; Health and well-being; Social Cohesion; Funding Constraints; Political Opposition; Administrative Complexity; Economic Disruption; Social Acceptance.
Received: 03/08/2023, Revised: 29/09/2023, Accepted: 11/11/2023, Published: 07/03/2024
AVE Trends in Intelligent Social Letters, 2024 Vol. 1 No. 1 , Pages: 50-60