Currently we have an economy that motivates companies to spend 1000x more capital developing innovations for a consumer with 1000x more buying power. Basic inco

Currently we have an economy that motivates companies to spend 1000x more capital developing innovations for a consumer with 1000x more buying power. Basic income introduces a source of capital that motivates companies to innovate in that area of "basic consumer needs", i.e. things needed by the majority of people, not the majority of dollars. You're right that the short-term effect of this is indeed inflation on the prices of these needs, but the long-term effect is larger portion of the economy dedicated to filling basic needs instead of superfluous luxuries.