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Basic income has garnered a great deal of attention in recent years. This surge in interest stems from growing income disparities, the failures of existing minimum income programmes, shifts in labour market dynamics and numerous global basic income pilot initiatives. Yet realising the successful implementation of a basic income requires a sustained and comprehensive effort. This research contributes to this imperative by presenting an unprecedented microsimulation analysis of the economic viability of introducing a basic income in the Basque Country. The study introduces two economically sustainable and coherent basic income models that not only effectively eliminate poverty but also generate redistributive effects. These outcomes would position the Basque Country as a region with lower income inequality than any European Union (EU) member state. This article underscores the transformative potential of basic income in the Basque Country and offers valuable insights for policy makers contemplating similar initiatives in other regions or nations.
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.