Skeptics of guaranteed income tend to worry about the policy’s inflationary effects; absent rent regulation, for instance, one might expect housing costs to rise in proportion to the increase in disposable income generated by the policy.

Recent years have seen the revival of academic conversation around rising wealth inequality and its distributional consequences. But while applied, microeconomics-oriented fields like public and labor economics have long engaged with questions around inequality, macroeconomics has historically paid less attention…