The steelman argument for minimum wage is that it acts as collective bargaining for groups that are otherwise too big and too sparse to cooperate with each other.
But yeah there's obviously a some point at which the returns are diminishing, e.g. if it was $100/hour nothing would get done. Legally at least.
But yeah there's obviously a some point at which the returns are diminishing, e.g. if it was $100/hour nothing would get done. Legally at least.