By the way, this is one of the arguments for Universal Basic Income. If everyone starts with a base of having enough money to live a simple but dignified life

By the way, this is one of the arguments for Universal Basic Income. If everyone starts with a base of having enough money to live a simple but dignified life then you can do things like eliminate the minimum wage. You eliminate that race to the bottom because you put the power back in the hands of the workers and remove the distortion of "people need basic food & shelter" from the labor market. Now you've got to pay someone enough to make them want to work at McDonald's (or improve working conditions or whatever). I would expect that the price of cheap fast food would go up a lot because now you're going to have to pay someone enough to want to do that job (versus now where you can take advantage of the fact that for many people it's a either a McJob or living on the streets). I would expect the prices of more luxury goods, where workers are already paid a good wage and have good working conditions, to be less affected, as those jobs are already subject to fewer distortions in the labor market.