Your thought experiment is a kinder version of Logan’s Run.
Other countries won't do likewise. This gives them an advantage. They pull way ahead in economic power.
Because goods and services are traded across borders, the more-restricted economy sinks quickly. To put it another way, if your share of the work is smaller, your share of the benefits will be smaller.
This makes so little sense that I have no idea why it's in the question at all and why it's compared to UBI.