Minimum Wage is price setting
You cannot price the market, one purpose of a market is to price. In the long run average, you will only get paid what you're worth in the application of work you are doing. Just because a person in knowledgeable in all trades may not mean he will be profitable, specialization “deep understanding” in one will always be more valuable. At this point, you can trade your specialized services for other market specialized services. Now more value has entered the economy and all participants benefit “division of labor”.
Is $0 per hour ok? Yes. NO SKILLS provide No Market Value…
...in fact, in most cases, you will be a burden, an initial net negative to your employer. Your employer will most likely need to provide training and any other costs to start you off working properly.
What's wrong with on the job training?... why do employers have to pay you a wage while doing so? The funny thing is that it's ok to work for free as an “intern” but heaven forbid that you employer give you a few bucks an hour!
It is when you acquire those skills and put them to work that you become valuable. At this point then you can fight for wages else you “vote with your feet” as they say. Take your training and skills elsewhere, as your skills become perfected an even more specialized, your pay will naturally go up. Ongoing purposeful training and experience will in most cases lead to higher wages.
In a gold-based monetary system… gold is naturally deflationary, there would be no need to over time give a raise as the amount you are earning and your skills, specialty, and possibly responsibility grow in value at most likely a similar rate.
The Education Lie
There are some skills so specialized that an employer, especially a small one would not be able to train on, also maybe they need someone to acquire those skills to come back and improve that workplace. This is where colleges emerged, in most cases, employers would pay an employee's college for an immediate need. So most people would go to college with a job waiting, very efficient and at a good price. Now, what do we have? Well as people said I need a college education to make more money! Now the government has bloated college prices by pushing government-backed loans into the hands of college students and the colleges themselves… we no longer have a direct efficient alignment between college and the job. Have you heard of the notion… study what you want, just go to college… Find a job in what you love and you will never work a day in your life! … people no longer have the end in mind and will end up working in the low-wage service industry because their skills have no market value. Now this is not true for all graduates but I'm confident that many have this problem. Now College is overpriced due to artificial demand and the government provides easy access loans, colleges are no longer incentivised/aligned by the marketplace to directly serve market demand creating large amounts of inefficiency and waste in the marketplace.
The End in Mind
So what's this going to look like eventually with higher and higher minimum wages? Well at some point full automation will be cheaper “robotics”. You may just need to hire one person at minimum wage to satisfy your low skill labor force, a debugger/store manager. At some point of cost for minimum wage, companies will find it cheaper to innovate and have a bunch of robots working 24 hours a day that require no training and don't complain.
Sidenote: Ever wonder why big fast food supports the minimum wage? Easy, without mentioning any names... they can afford to innovate while startups cannot. This helps kill their competition while they innovate, all while laying off most of their workers to create a better, faster, and cheaper burger. Delicious.