Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System
Despite the growing interest in basic income (BI) in recent years, the existing research has mainly focused on its impact on household finances. However, changes in household behavior may affect the actions of other decision makers, such as businesses and governments, leading to unanticipated outcom...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-06-01
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| Series: | Applied Sciences |
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| Online Access: | https://www.mdpi.com/2076-3417/13/13/7588 |
| _version_ | 1797592140687081472 |
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| author | Kosei Takashima Isao Yagi |
| author_facet | Kosei Takashima Isao Yagi |
| author_sort | Kosei Takashima |
| collection | DOAJ |
| description | Despite the growing interest in basic income (BI) in recent years, the existing research has mainly focused on its impact on household finances. However, changes in household behavior may affect the actions of other decision makers, such as businesses and governments, leading to unanticipated outcomes. Therefore, any analysis of BI must use a model with multilayered feedback from the actions of individual decision makers. To actualize such a model, household budgets, firms, and other entities must autonomously determine production levels, prices, and other factors, thereby encompassing a complete circulation of funds. This study constructs a macroeconomic model using agent-based modeling as a basic framework to achieve these goals, and it analyzes the emergent behaviors generated by BI and the labor supply in the economic system. The results show that although BI brings about more equitable consumption by households, it also creates a unique phenomenon wherein Gross Domestic Product increases but economic activity in terms of capital investment stagnates. Upon examining the impact of BI, the results of this study present the need to examine the multilayered feedback influencing mutual decision makers, which arises from the behavioral changes of individual decision makers caused by BI. |
| first_indexed | 2024-03-11T01:47:15Z |
| format | Article |
| id | doaj.art-9713210e86bf492c8ef6676cbbe753e2 |
| institution | Directory Open Access Journal |
| issn | 2076-3417 |
| language | English |
| last_indexed | 2024-03-11T01:47:15Z |
| publishDate | 2023-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Applied Sciences |
| spelling | doaj.art-9713210e86bf492c8ef6676cbbe753e22023-11-18T16:08:34ZengMDPI AGApplied Sciences2076-34172023-06-011313758810.3390/app13137588Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic SystemKosei Takashima0Isao Yagi1Department of Economics and Management, Faculty of Economics and Management, Nagaoka University, Nagaoka 940-0828, Niigata, JapanDepartment of Information Systems and Applied Mathematics, School of Informatics, Kogakuin University, Shinjuku, Tokyo 163-8677, JapanDespite the growing interest in basic income (BI) in recent years, the existing research has mainly focused on its impact on household finances. However, changes in household behavior may affect the actions of other decision makers, such as businesses and governments, leading to unanticipated outcomes. Therefore, any analysis of BI must use a model with multilayered feedback from the actions of individual decision makers. To actualize such a model, household budgets, firms, and other entities must autonomously determine production levels, prices, and other factors, thereby encompassing a complete circulation of funds. This study constructs a macroeconomic model using agent-based modeling as a basic framework to achieve these goals, and it analyzes the emergent behaviors generated by BI and the labor supply in the economic system. The results show that although BI brings about more equitable consumption by households, it also creates a unique phenomenon wherein Gross Domestic Product increases but economic activity in terms of capital investment stagnates. Upon examining the impact of BI, the results of this study present the need to examine the multilayered feedback influencing mutual decision makers, which arises from the behavioral changes of individual decision makers caused by BI.https://www.mdpi.com/2076-3417/13/13/7588agent-based modelingagent-based computational economicsindividual decision makingbasic incomelabor forceartificial economy |
| spellingShingle | Kosei Takashima Isao Yagi Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System Applied Sciences agent-based modeling agent-based computational economics individual decision making basic income labor force artificial economy |
| title | Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System |
| title_full | Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System |
| title_fullStr | Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System |
| title_full_unstemmed | Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System |
| title_short | Multilayered Emergent Phenomena Caused by Basic Income and Labor Supply on the Wider Economic System |
| title_sort | multilayered emergent phenomena caused by basic income and labor supply on the wider economic system |
| topic | agent-based modeling agent-based computational economics individual decision making basic income labor force artificial economy |
| url | https://www.mdpi.com/2076-3417/13/13/7588 |
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