Earlier quoted context omitted.
>If your labour has value then you can find work that pays you a rate for it (except for minimum wage - more about this shortly). You have the opportunity to expose yourself to experience by doing internships. If you don't have anything better to be doing, then it's a win-win situation for you and the person you're doing internship. That only works in an absolutely frictionless labor market. Meanwhile, in the real wo…
Without a minimum wage, the number of consumers for any good beyond basic food, clothing and shelter products would be drastically cut. Unlikely. Very few employees in the US make exactly the minimum wage, which is why it's true that minor increases have close to no effect. There are massive lobbying efforts by big business every time the minimum wage issue comes up for debate True, for example WalMart lobbies in fav…
Keep in mind how many products are imported from third world countries that have poor labor standards & low wages. The current US lifestyle is heavily subsidized by this cheap labor. Additionally here in the US there is often abuse with illegal immigrants who make well below minimum wage & work in poor working conditions.