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Analysis of the Financial Effects of Basic Income

In: The Palgrave International Handbook of Basic Income

Author

Listed:
  • Gareth Morgan

    (Ferret Information Systems)

  • Matteo Richiardi

    (University of Essex)

  • Malcolm Torry

    (University of Bath)

Abstract

This chapter discusses the two most useful methods for analysing the financial effects of Basic Income schemes. Microsimulation modelling combines household survey data on incomes and various other financial characteristics across the population with information about how the tax and benefits system operates and about how the Basic Income scheme would operate to generate information on the distributional and other individual and household level effects of implementing a Basic Income scheme. Matteo Richiardi discusses the microsimulation programmes now available, how the data and programmes are used, and the information that they can provide, and he also explains the potential for combining microsimulation with labour market models and caveats related to that combination. Malcolm Torry then contributes a detailed analysis of one particular illustrative Basic Income scheme that retains and recalculates means-tested benefits. Gareth Morgan then applies a modelling scenario method to the same scheme in order to compare financial outcomes for some typical households.

Suggested Citation

  • Gareth Morgan & Matteo Richiardi & Malcolm Torry, 2023. "Analysis of the Financial Effects of Basic Income," Exploring the Basic Income Guarantee, in: Malcolm Torry (ed.), The Palgrave International Handbook of Basic Income, edition 2, chapter 0, pages 263-283, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-3-031-41001-7_13
    DOI: 10.1007/978-3-031-41001-7_13
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