Basic Income with High Open Innovation Dynamics: The Way to the Entrepreneurial State

Jinhyo Joseph Yun,Dongwook Kim,Sung Duck Hahm,Kyungbae Park

doi:10.3390/joitmc5030041

Abstract

Currently, the world economy is approaching a near-zero growth rate. Governments should move from a market-failure-oriented to a system-failure-oriented approach to understanding this problem, and transform to an entrepreneurial state to motivate the Schumpeterian dynamics of open innovation. We want to answer the following research question in this study: “How can a government enact policies to conquer the growth limits imposed on the economy by inequality or the control of big businesses?” First, we conducted a literature review to establish the concept of building a causal loop model of basic income with open innovation dynamics. Second, we built a causal loop model which includes basic income and all factors of open innovation dynamics. Third, we proved our causal loop model through a meta-analysis of global cases of basic income. Our research indicates that reflective basic income with permissionless open innovation, capital fluidity, a sharing economy, and a platform tax can motivate open innovation dynamics and arrive at a method by which an entrepreneurial state can conquer the growth limits of capitalism.

Highlights

We propose the initialization of several policies for the sharing economy with the introduction of reflective basic income, as follows: i
Our meta-analysis suggests that basic income with three additional policy leverages would motivate open innovation dynamics
Basic income with additional policy leverage can motivate open innovation dynamics and motivate economic growth according to our concept model of this research

Summary

Introduction

The global economy is approaching a near-zero growth rate. What are the problems which trigger the growth limits of capitalism? We cannot escape the high unemployment rate of most industrialized OECD countries, in addition to the increasing unemployment rate of China, India, Brazil, and other large under-developed countries. Youth unemployment is dramatically increasing, and the future of employment and jobs are susceptible to computerization due to the arrival of the 2nd machine age [1,2].

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Conclusion