Earlier quoted context omitted.
Why should it reflect the confluence of supply and demand in the market? What's the axiom upon which you stand to say that is the correct way of things?
If wages are not set by a market, ie not supply and demand, they will be mispriced. Mice-pricing represents a loss of efficiency in the economy, and makes everyone worse off over time. If wages were set lower than equilibrium, obviously the workers would be lose out on this. If wages were set above equilibrium, the consumers would lose out due to the higher costs being transferred over to them. The market price repre…
Human beings should be treated humanely, ascribed intrinsic value, and moral considerations should be applied to interactions with them. Neither economics nor physics cares about human rights, but systems can be built to accommodate other value systems than the defaults that stem from raw theory.
Maybe wages set above equilibrium will result in consumers losing out. That's inefficient, but not necessarily immoral. I strongly believe that utility functions are not evenly distributed. Giving Jeff Bezos $1B and 100k workers $10,000 each is not as good as an outcome where Jeff gets $500M and workers get $15,000 each; it's not even as good as Jeff getting $400M and workers still getting $15,000 each.