Rather it is a childish (therefore hazardous) political philosophy. ¹)
An economic theory will necessarily touch on production. All socialism talks about, is: “I breathe so you owe me stuff”, quote from Ben Shapiro. Because there is no price incentive, (nobody can earn any money) nobody will want to spend effort/time/materials producing anything.
So yes, the basic income guarantee will result in (see below): the Gulag system
Which is why, the economic miracle of the USSR, was only made possible by the inhumane system of Gulag-slavery. That was the only way the housing barracks got built, and the state “earned” income from exporting wood harvested by the slaves that were forced to work in the freezing Siberian winter. Which is where one tiny economic truism can be derived from socialism:
A money is any medium of exchange commonly used and valued by multiple people. (And preferably also portable, as implied by “exchange”)
Gulag slaves that had to work in the snow, on the permafrosted ground, valued boots enormously, sothey could be used for trade, if someone made a simple soup from moss or whatever, the most malnourished who were lucky enough to sctually have boots could trade them for a portion. They could also have their boots stolen from them, by desperate prisoners (the official name for them was “zek” meaning “prisoner” though they were really slaves). Some enterprising souls would make their own footwear from bark and rope.
It’s typical for scammers (“Against the gods” on http://www.freedomainradio.com, under free books) to make fase claims like that: despotic, abusive, elitist dictatorships called themselves Democratic People’s Republics, slaves were prisoners (they did go quite far in that, by first accusing people of crimes against the state, or treason, or something)
¹): Childish so dangerous: since socialism can’t work, the rulers would get petulant about it and blame the not-working on the people, who obviously had no influence on the matter. This petulance created the iron curtain: people did not want to play anymore, but Stalin was not yet finished playing with them! So everyone who wanted to stop playing and leave would get murdered. And what does that say about the assassins manning the towers, operating the search lights and machine guns? They prbably were assigned to the job, and refusal would result in the Gulag.
So: socialism was either: the definition of sadistic maleficence, or it was utterly pathetic.