Proceedings of the 4th Economics & Finance Conference, London

AN ESTIMATE OF THE BASIC INCOME COSTS: CASE OF THE CZECH REPUBLIC

PETR ŠPECIÁN, JITKA MELZOCHOVÁ

Abstract:

The paper examines existing basic income proposals and estimates the costs of their implementation within the Czech Republic. The specific virtues and vices of a basic income guarantee compared to existing social security systems are discussed and the specific context of the Czech Republic considered. The paper provides elementary cost estimates of application of basic income schemes that were proposed originally for other European countries, Spain and Ireland. The cost of the present social security system as well as an extreme “libertarian” basic income scheme provide benchmarks for the preliminary evaluation of the financial feasibility of basic income for the Czech Republic.

Keywords: Basic income, the Czech Republic, social security, cost-benefit analysis

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