Abstract
The Universal Basic Income: Another Socialist Utopia? The concept of universal basic income (UBI) is presented as a tool for reducing poverty through guaranteed financial transfer by the state to each individual. The financial transfer, or UBI, allows a person to cover their minimum expenses. The idea is rooted in the 19th century and has gained popularity again in the last decade as a result of individuals and societies expecting a loss of labor opportunities due to digitalization, automation and technological progress in AI development. In this paper we address problems of economic policy in the case that UBI is introduced in Europe. We address fundamental questions that require answers before the concept is regarded as an applicable alternative to existing social systems. We consider the concept as another socialist utopia that cannot be implemented in existing economic systems in Europe. Only in case of a total system transformation can it be a viable alternative.
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