This isn't a complicated question but it's strange you're proposing it like it's unanswerable. We have plenty of models that help us understand price. I imagine you could easily establish a basket of goods which would be used as a proxy for a 'fair' market rate. Regardless, the means do not dictate the ends. If a minimum wages is deemed an effective way to increase economic growth, the solution might be an iterative one.
Additionally, the Government isn't deciding what 'Your' salary is. They are setting a floor for the labor market. Without a floor for wages the economy would devolve into feudalism. Employers are a cartel and they would use size to suppress wages at the benefit of shareholder profits.
Personally I'm all for the free-market. There are certain instances where two parties are not negotiating from an equal foothold. I think the labor/employer relationship is one of those systems.
Its not a complicated one, it's an ideological one. I do not believe in the use of coercion to set wages. It just happens to also tend to be the best course of action in pure econ terms.
> Additionally, the Government isn't deciding what 'Your' salary is. They are setting a floor for the labor market. Without a floor for wages the economy would devolve into feudalism. Employers are a cartel and they would use size to suppress wages at the benefit of shareholder profits.
If you want to do X and someone tells you you cant, they are telling you what to do. But if gov is so concerned about those in the lower end of the tax bracket, why do they tax them at 20%?
This isn't a complicated question but it's strange you're proposing it like it's unanswerable. We have plenty of models that help us understand price. I imagine you could easily establish a basket of goods which would be used as a proxy for a 'fair' market rate. Regardless, the means do not dictate the ends. If a minimum wages is deemed an effective way to increase economic growth, the solution might be an iterative one.
Additionally, the Government isn't deciding what 'Your' salary is. They are setting a floor for the labor market. Without a floor for wages the economy would devolve into feudalism. Employers are a cartel and they would use size to suppress wages at the benefit of shareholder profits.
Personally I'm all for the free-market. There are certain instances where two parties are not negotiating from an equal foothold. I think the labor/employer relationship is one of those systems.