@jcornel
This subject is an intriguing one and thanks for bringing it out for us to consider. Throughout history, societies have conducted similar experiments in a hope of ascending to a more utopian way of life. Europe, most specifically, has tried this through the years and has often been unsuccessful in achieving this goal.

As it was pointed out in your post, inflation could likely be a factor in the overall failure in such an endeavor.

The United Arab Emerates, as well as certain other wealthy middle eastern counties has been somewhat successful in meeting the needs of all of its citizens. To my understanding, every single citizen receives an oil revenue check from the government.

But Unlike Alaska, whose residents receive approximately $1500 dollars per year, citizens of middle eastern counties like the UAE, could earn 6 figures per year! But even a 6 figure salary in Dubai could propel the county into a state of hyperinflation if it weren't for this one defining difference... They allow an influx, whether it be right or wrong, of foreign workers from 3rd world countries who receive a legal permit to work in the country for a wage scale that enables the society to thrive.

Otherwise, nobody would work in the lower wage scale industries to maintain productivity in every day life. Not saying I agree with their way of doing things, but just pointing out how they do it there.