Regarding minimum wage legislation, Don Boudreaux at Cafe Hayek asks a reader:
Suppose the president of the United States randomly chooses 500,000 of the lowest-skilled workers in America and, with Congressional and Court approval, orders these workers to quit their jobs. “You must remain unemployed indefinitely,” the president commands these workers.
“My reason for ordering you to enter and to remain in the ranks of the unemployed is that, by removing you from the workforce and thereby artificially reducing the supply of labor, the wages of 16.5 million other low-skilled workers will rise. So do not despair! Your sacrifice is for the greater good.Read more of Don's great writing at Cafe Hayek.