Description
As millions struggle to make ends meet, the provision of a Basic Income can not only be critical to survival but can also empower individuals and eventually strengthen the economy. This project studies the practicality, plausibility, and specific impact of a Basic Income scheme on Consumption in the U.S. economy. The project will be using times series data on U.S. Consumption and would be manipulating the income figures in order to arrive at a predicted level of Consumption post the implementation of Basic Income scheme. This is done with the expectation that a Basic Income scheme will positively increase Consumption, aid consumer sentiment and potentially help the overall financial strength of the economy. Essentially, this research will provide crucial insight into understanding the full-scale economic impact of Basic Income schemes in developed economies.
UBI and Consumption in the American Economy
As millions struggle to make ends meet, the provision of a Basic Income can not only be critical to survival but can also empower individuals and eventually strengthen the economy. This project studies the practicality, plausibility, and specific impact of a Basic Income scheme on Consumption in the U.S. economy. The project will be using times series data on U.S. Consumption and would be manipulating the income figures in order to arrive at a predicted level of Consumption post the implementation of Basic Income scheme. This is done with the expectation that a Basic Income scheme will positively increase Consumption, aid consumer sentiment and potentially help the overall financial strength of the economy. Essentially, this research will provide crucial insight into understanding the full-scale economic impact of Basic Income schemes in developed economies.