> Since I am not an economist or very experienced in these matters may I ask what would prevent the cost of goods simply going up due to basic income being supplied?
Prices of goods demanded by the group of people receiving a net benefit from basic income (which, even though BI itself is universal, isn't everyone, because its funded by progressive taxation, which makes it a net downward transfer of wealth) would almost certainly go up with a basic income. The thing that suggests that the increase in price would generally be restrained such that the quantity of goods the net beneficiaries could afford would still increase despite the price level increase is "elasticity".
Prices of goods demanded by the group of people receiving a net benefit from basic income (which, even though BI itself is universal, isn't everyone, because its funded by progressive taxation, which makes it a net downward transfer of wealth) would almost certainly go up with a basic income. The thing that suggests that the increase in price would generally be restrained such that the quantity of goods the net beneficiaries could afford would still increase despite the price level increase is "elasticity".