$0 and a minimum income
The minimum wage is just a proxy for a semblance of fairness. No "ideal" plan should include a blatant market inefficiency.
Really, I wouldn't be surprised if this became a more mainstream position in the future. It's a market solution that would have the potential to increase aid for the lowest classes.
The potential losses here are that service and menial jobs could see incredibly high wages with a high enough basic income, because not many people would want to flip burgers if they already have money coming in. With that said, I posit that the minimum income high enough for that is not really a realistic goal right now.
If everyone would have a guaranteed minimum income then many people wouldn't feel an incentive to work right? Doesn't seem like the optimal market solution to me.
Every industrialized country has a minimum income btw. For a reason.
In Norway, the minimum wage depends on what kind of work you have. The very lowest paid occupation is that of farm workers. A 16 year old temporary farm worker is the lowest paid of all kinds of works in Norway. He or she would get an hourly salary of only $13.87. If this temporary farm worker was grown up, that is 18 or over, he or she would get at least $18.23 an hour. Now, if the farm worker was permanently employed, she would get $20.16 an hour. That's basically the absolute lowest minimum wage for a grown up permanent employee in Norway. If the farm worker was a cleaner instead, her minimum wage would have been $25.97.
I think the point is that a basic minimum income would provide you with the basics so if you didn't work, it wouldn't be a huge problem.
It might hurt low wage businesses, who would have a bigger incentive to automate... but it would create a whole other sector of low wage businesses that focus more on hobbies.
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