Minimal wages are a necessary evil in countries where the free market (aka the
invisible hand) does not work, for whatever reason. Communist and Capitalist
countries both need it. If the invisible hand would be left alone then minimal
wage laws would not be needed. If the invisible hand cannot work, for example
because the borders are closed (inwards and/or outwards), or because there are
restrictive union or other trade association laws, and the workforce cannot
migrate (or organize, when it is pushed too far) legally, then the minimum wage
law is needed to prevent slavery-like conditions, and labor wage dumping. It is
probably not an accident that there are no minimum wage laws in most advanced
countries where the freedom to migrate and to organize is taken for granted.
They are not needed.

Peter


-- 
http://www.piclist.com PIC/SX FAQ & list archive
View/change your membership options at
http://mailman.mit.edu/mailman/listinfo/piclist