>>The cost of what you're proposing is that some jobs won't be done at all. Maybe that is acceptable to you.
Interesting.
I think that it is acceptable, and actually inevitable - only the threshold of [won't get done] changes.
At some point, if a thing has so little value that people won't pay enough for it to be done, whether the threshold is living wages or prison wages, why should it be created?
We already have far too much junk in the world.
If the thing is sufficiently valuable, then its cost can increase to a sustainable level. E.g., water used to be free also, and paying for bottled water when tap or stream water was right at hand was mocked. But now, people are happy to pay often stupid-money for bottles of water.
1. Slaves
2. People losing jobs because goods can be produced more cheaply than they should be paid for producing them.
I'm saying that #2 isn't bad on its own. Air is free. It is available for less than it would cost people to produce it. That's not a problem.
The cost of what you're proposing is that some jobs won't be done at all. Maybe that is acceptable to you.