Deflation and reverse competition

I love Adam Smith,
but he had to invent an invisible hand
to prevent profiteers from inflating prices
beyond fair market value,
and that does not seem to be working,
so I am considering the idea
that universal basic income
could be one way of attempting to ensure all humans' rights
by creating a guaranteed minimum market
against which profiteers would need to compete
instead of just competing against themselves for profits.